In there you can get a lot of useful info (employment stats, demographics, trends, market rents, pro forma number etc) that you can use to directly apply to your deal if it's in the same area, or as a guide for items you need to research.

Since the numbers look pretty solid in the pro forma you shared, the biggest factor is finding a property management company or individual who has a good track record and you feel comfortable with them.

Shaun,I run into this problem a lot with clients when we need them to form a LLC for the subject property on hard money loans.  

We've been trying to form a collective of green-minded apartment owners and tenants to really promote this concept.

When the hatch drops into the hole, it sits on this weather stripping and compresses it to form a tight seal.  

Mehran - There was nothing labeling the info I received as a pro forma, but I know that the numbers are likely inaccurate.

Indeed, it's not a corporation at all, though you can form a corporation inside of one if you desire.Though it may be second nature to people in the know, like @Matthew Kreitzer, who is obviously well-versed in the law, it may not be to everyone else. 

I'm in a similar situation in trying to form a LP on a small multi.Also, I'm looking a property to flip and looking for buy and hold as well, would be great to connect.  

The houses that are for sale are pretty run down.However, there is a lot of new build about a mile away and from my opinion of the Houston market, this is the only direction that Houston can go with a lot of new growth this close to downtown and central to the metropolitan area.It's 5 miles from the Hobby AirportRight off of the 288 highway8-10 mile north of Pearland that is just outside of the Beltway 8 loop (and booming - it's where I live - but haven't been able to find a deal with near this good of numbers)Numbers on a property....I could probably get a house for 40-45k ($.35-.45/sf), do about 10-15k in rehab (I'm in the construction industry) and rent it for about $1000-1200 ($.70-.80/sf) for what seems to be $400-500/month NOI.The fixed up houses I've found on the market are around $80-90k so I figure I could refi in a year or less and do it all over again.I did the rental property calc on a listing I found:SF: 1400Purchase: $42kClosing costs: $2.5kEstimated repairs: $12.5kARV: $85kMonthly Income: $1100Monthly Expenses: $572.10Monthly Cashflow: $527.90Pro Forma CAP: 14.10%NOI: $8.4kCash on Cash ROI: 26.40%Purchase Cap Rate: 18.80%I hear all the time that you never want to buy in a bad neighborhood...But someone has to, right?

Chris,You are buying the property today, so pro forma means nothing.