Are the top set of numbers all Pro Forma or Actual?

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Even if you find a sponsor with great character, the project can still be a bad one if the strategy is poor, or the pro forma is too aggressive.

You can be off on just one of the variables in your pro forma and it can dramatically affect your returns.  

TeamI am looking to form a LLC through Legal Zoom or Incorporate.Com or some other site (LLC.COM).

I'm strong with cash flow paradigms and pro forma analyses.

In all reality, your LLC won't do you much good if you don't have an operating agreement and you will get the most bang for your buck in terms of asset protection if you form a multi-member LLC, even if that other member has a smaller interest in your LLC.  

I'd be looking at appreciation as well to form a potential exit strategy.As AJ stated, depending on what part of Memphis you are in, you may be paying both Shelby County taxes and Memphis City taxes.

However, can I form a corporation for each house, lease the house to that corporation and then the corporation/LLC leases to the tenants?

@Isaiah Turner - it is a game of chess, screw up and you loose :D  If you're looking to start building wealth, buy and hold is the way to go.Use conservative rent estimates and run a conservative pro forma with plenty of reserves for capital improvement, vacancy, repair, and property management.