Great first step to learning and investing.I highly recommend BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry.

@Chase GochnauerReading your opening post, I few questions come to mind:Are you working from a pro-forma or the actual financial statements or owners tax returns?

I also think that a group of similar thinking people could form a JV group and pool resources and do the same thing...again using all cash from the parties. 

@Kim R.I will have them do a paper application, and the background check online info is separate.Typically information you need on an application is more extensive then the info required on an online background check, which typically you only need SSN, DOB, name, and 1 or 2 former addresses I think that's all.In my application I would need to know how many vehicles, each vehicle's license plate number, how many pets - breed/weight/markings/age, who is their emergency contact, etc etc etc...and then I incorporate the completed application form as a component of the lease. 

But before I plonk another few thousand down for the consultant  to do a formal pro-forma I want to do my own quick-and-dirty SMV (stabilized market value) underwriting. 

Property Tax Year Taxes Land Additions Total Assessment 2014 $593 Price Unavailable + N/A = $21,4182013 $438 Price Unavailable + N/A = $19,4712012 $545 Price Unavailable + N/A = $24,912Using BiggerPockets Calculator, I put in offering 75K (remember, listed at 85k) Monthly Income: $1,100.00Monthly Expenses: $640.43Monthly Cashflow: $459.57Pro Forma Cap Rate: 11.82%NOI: $9,163.00Total Cash Needed: $17,500.00Cash on Cash ROI: 31.51%Purchase Cap Rate: 12.22%located in Callahan neighborhood in Orlando.

-Result- periodically updated since things can change over a period of months/years/decades.I am only 33 years old, and hopefully have many decades of investing left in me, so I want to form a good understanding of how I’m making decisions and track long-term how those assumptions play out.

Dont fall for the really cheap areas where brokers put unrealistic cap ex numbers in pro forma.

If the individual forming the LLC were not to include this language in the initial filling but wanted to form a series later, this would require another filing with the secretary of state to amendment the certificate of formation.While Texas LLCs are relatively inexpensive to file, and have no annual fee (besides possible franchise tax costs) your CPA will likely charge you separately for each return that needs to be done.

Also how the numbers on the pro forma are basically gospel and the PM just needs to make them happen, NO MATTER WHAT.