You could also form a joint LLC that is owned by her and your LLC 50/50.

But you likely benefited from the same forces when you purchased your place...as even if it was vacant, the price was anchored by all the previous sales of fully rented units....BUT, for any multifamily, appraisers also value based on CAP rates which WILL reflect if places are selling for less because rents are low...versus an empty unit that will have a higher price because it will be based on the pro forma rent.  

There is a large portfolio of SF being marketed right now and when you take the pro forma and make it realistic it pencils out at about a 5 cap.

It only costs a $100 filing fee to form a Wyoming LLC, but you should do some operating agreements. 

If the pro-forma spreadsheet is correct the coworker would be nuts to sell it.But, to be blunt, if your uncle owns 40 doors and they are these $25K per door duplexes he’s going to know 100 times more than me.

Also a few reviews on google shows the mgmt company may need a shakeup I already budgeted about $250k for this, and the cash on cash returns can still hit 8-9%Financials are from the actual 2017 P&L so that's not an issue on pro-formas.

Do I have to form a foreign LLC on that state before I can purchase it?

When you take over a building with a value add approach, how do you underwrite vacancy into your pro forma? 

I’d like to form a partnership with a local bank and will begin the search process soon.

What legal steps do I have to take to form a partnership in terms of financing.