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.

I'm a long-time numbers guy and borderline-obsessive researcher, both of which are skills that I think will form a nice foundation for RE investing.

I made a good buy there but am looking to get into SFH/MULTI in some KC area's and need to form a power team as I work on the road all the time.

Cap rates are definitely based on assumptions, so I rarely use them with houses or with seller pro formas.

They like to use "pro-forma" cap rates (what the cap rate COULD be), but convenetly forget to leave those words off the listing...