If its a buy and hold situation, and you're going to manage it yourself, your original LLC could still own the property, and you could form a separate LLC in that state that's your property management company to do business. 

In evaluating possible deals and given there are so many different jurisdictions and approaches to property tax assessments.... Is there an effective way to get a solid idea of how taxes will re-assess in a particular...

Here I've seen 4 or 5 folks come together, form a corporation, and purchase a piece of real estate (or several) - they are all owners, and likely officers, of the company and one of them will be hired/tasked with the managing and leasing.I've not used more than two partners/co-owners in the past, but am looking a possible portfolio acquisition in which we are five interested taking on the deal. 

We all see pro formas with numbers somebody pulled out their arse and those arse-numbers are used to support their inflated asking price.

If the market is saturated, then you may need to adjust your pro forma for a lower rental rate so that you can fill these additional 16 units.  

BRRRR method - this is still okay if you do your personal uw clearly with accurate pro forma #s3.

The numbers:Asking price: 995,000"suggested" pro forma NOI - 143,599My projected pro forma NOI once stabilized accounting for an 8% vacancy rate - 136,481 ( so fairly close)My arbitrary, projected rehab costs max 20,000/unit based on the pictures provided- 280000Based on my numbers, my more conservative cap rate came out to about 10.7% while the listed pro forma cap rate was 14.43% (substantially different).

Form a company, get a logo and website and then create a business card with your title (Chief Manager, CEO, founder, etc). 

The pro-forma cap rate for full occupancy (minus 5% for vacancy) for purchase price of 2.4M would be 6.5%.  

He decided to form a JV and purchase a +90 unit complex.