Don't allow financing or a finance contingency (it can be a good indication they are selling above market value) Don't allow for your own independent property inspection Are not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors) Require you to pay for any renovation upfront Sell only in cheap. low end neighborhoods Don't accurately represent the neighborhood/property classification Don't have consistent rehab standards for all properties Don't provide a scope of work for the property Can't provide references of repeat investors

I have two policies with a single agent, and he turns new quotes around in 24 hours or less, enabling me to use actual insurance numbers in my pro-forma, making it more accurate.Also, the more pro-formas you create with actual insurance quotes, the better your "thumb in the air" swag at estimating insurance for a new property becomes over time.

@Christopher Lynch I'd form a new LLC and just draft an operating agreement since you plan to do multiple deals with this partner.

I was doing the same thing, but an attorney advised me to (1) have rents and expenses flowing through separate LLC operating accounts and (2) form a LLC or Corp for the management entity.

I don't think I've ever seen a pro-forma on a brand new large scale multifamily that was as low as 24%.So, my quick analysis is that your expense ratio is about half of what it will actually end up being. 

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.

After the tenants receive a TOPA notice, they have 45 days to form a tenant organization with the legal capacity to hold property.

Just remember to stick to actuals and partly ignore pro forma / APOD info. 

I was hoping someone could share their form as well.

In regards to "commercial advice", have your tax returns ready, personal financial statement (PFS) prepared, have you downpayment set aside and in clear visibility (not tied up in equity etc), have REALISTIC numbers on the property your buying, present a pro-forma statement for the property being purchased and most importantly do your DUE DILIGENCE before making the deal and WHILE your in contract.