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.   

It is also to form a tight knit group of colleagues you can rely on for motivation and help you solve problems that inevitable arise.Current members are @Caleb Heimsoth, @Quentin Taborn, @Johnny Kang, myself and a couple other less active people.

Every opportunity is slightly different but generally the preferred is what comes out to investors prior to the sponsor sharing in any of the upside as per the terms of the offering, - whereas target annual cash is what the predicted cash flow to investors  will be as per the pro forma calculations.

The syndicator did not meet the pro forma, but we were profitable and my returns beat what I would have made on that capital following my previous strategy.

In the pro forma (this is really a hybrid of some info) he says there was $29,113.00 of "2017 uncollected rent" with 3 evictions ($22,802 of the total...basically a full year unpaid) out of the 8 units and 1 "vacated" ($4,450).Assuming I move forward, my price will be embarrassingly low, so that I can either deal with some mistakes of my own or bring in a partner on a great deal.