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.

I would do your own pro forma.

Always buy on current rents, never "potential" or "pro forma" rents.

I AM NOT UTILIZING PRO-FORMA, I am running the CURRENT operating data info & basing my offer price on so.

I assume we would have to form a formal partnership, put income into the partnership and then dispense cash out to each other each month or let it sit in the partnership and grow for the next purchase.  

We are used to marketing more "turn-key", fully occupied buildings and portfolios.We have the rent rolls, pro formas, bills, building summaries, etc.

What I have found is when there is a lot of (read: complete) information it’s all based in a pro-forma rather than “actuals”.

I hadn't though about it before , I suppose they could always send it to the bank in the form a letter too with a deposit slip.

Pat Hey Pratik- those are definitely the going cap rates around here lol. 8% is probably like, pro-forma cap for a gutjob in Del Paso Heights too haha.

If you intend to partner on several properties, form a new LLC.