You first form a LLC in a anonymity favorable State, then form all the other ones with that first LLC as the Member.

An inspection is conducted by a licensed inspection professional, who will analyze features of the house such as electrical wiring, plumbing, roofing, insulation, as well as structural features of the home. The purpos...

One more thing that you should do is to form a Team that is local and experienced on what you plan on doing.  

My only counsel: don't buy something sight unseen because a seller-produced pro-forma looks nifty.

I’ve seen it happen...Anyway, here’s a great summary, courtesy of the amazing @Avery Carl, of the kind of numbers you can expect down south (including complete pro formas).

Know what a pro-forma is, know what cap rate means.

Very much like a hard money lender, in that initial offer is low and offering to partner up and form a relationship for future deals.

Scenario 2:  They form a two entity structure: holding and operations. 

Very easy to pro-forma a great return on these lower class properties, much harder to actually achieve that return for the reasons previously mentioned (high vacancy & turnover, lack of payment, higher maintenance costs, etc.). 

I'm looking at a 60 unit property; between the pro-forma and the tax return I received for 2016, there's a 52K discrepancy.