Can the seller provide operating statements and rent rolls? 

You might want to rethink how you operate.

My husband discovered the Morris investment you-tube videos and has been excited at the prospect of investing in a turnkey operation in Michigan.

I am a 37 year veteran of the real estate industry having owned and operated a multi-office real estate firm in this market for thirty years.

The long term business behind it is property management after we purchase the rental, put tenants in, and sold it to our investors.We think it makes sense to establish an entity to operate this on but we are not certain how best to structure it. 

One example is the major employer is closing its operations.

Without that income it can make things extremely tough to keep the house operating .

The other consideration is order of operations. 

An LLC works well for us, as it clarifies the terms of the partnership and defines our operating agreement, as well as how to dissolve the partnership when the time comes.

Reason I can rattle this off - we did the Freddie Mac acquisition financing on the The Rylee Ann Apartments - a 105 unit multifamily deal a few blocks northeast of the Old Wenatchee Bridge (and future Hale Park) in 2019 and have been active in the market over the years.Let me know if you ever need any market data that would help with your planning (CoStar / Yardi / REIS / Axiometrics / Appraisal), rent/sale/expense comps, entry/exit construction / bridge / takeout planning, or stabilized operating budget assistance.