Often I see expenses that appear to be below market, and these numbers are used in a pro forma schedule that reflects NOI above market.

A 50/50 split may be fair to you guys.....but I would never be the one putting in the money into a joint LLC.Anytime I'm 100% of the money, I own the LLC 100% myself and just create JVs or profit share deals with any other person I involve.You can certainly form a dual member LLC, or an LLP, but you need very clear operating agreements, corporate resolutions, etc.  

@Elizabeth Colegrove A local agent lists all of her pocket listing pro formas that way, but to help people narrow down neighborhood (which can often times have fuzzy delineations) she will say "Within 3 blocks of X St and Y Ave".

I prepared a pro forma and gave as much detail on us (my husband and I) and the planned project as I could.

Home Price Insights - CoreLogic®My last 3 pro forma on acquired properties I ran with 0% appreciation in the short term (5 years). 

I've seen all of the listings on  Loopnet, but the problem is that the "7%"+ cap rate property listings are actually using pro forma and not actuals.....  

Should we form a corporation?

Make sure you qualify "for a lower and longer mortgage" upfront, before acquisition and that your pro-forma numbers are accurate.

Make a budget, see what the pro-forma return is after you have factored everything you can think of in...expenses, repair reserves, average area vacancy...etc...

I think there is a bigfoot specific form, as well as a leprechaun one too