First, when doing your due diligence always use actuals - not pro-formas or any estimates provided by the seller.

Corey1973:I think it all depends....If you are presenting to a banker, then an actual and pro forma (projected) balance will answer a lot of questions they will have.

Based on the information given, and then what was actually seen, we'd prefer to go back and offer less per door.I don't think it's a good idea to buy anything on a pro forma basis, do you?

If so than it seems that it would be much easier for a person to just form a Sole Proprietorship if their business is only providing services and would not be running a business that say makes expensive widgets and must keep a large debt owed to suppliers.Wondering if anyone can shed some light on the Liability Issues of A LLC.RegardsSonny

Take the pro out of pro forma. 

I am joining some Investment clubs in Arizona hoping to form a small partnership for that goal.

Do you want form a partnership, an S corporation, or a C corporation?

This can be problematic as it can put the buyers brokerage into (implied agency) with the seller as they have to tow the line between ministerial acts and those that can be considered to form a client relationship.

One super important thing that I rarely see discussed when this question comes up is this: If you do form a LLC and take the property in that entity (whether directly or by quitclaim deed shenanigans), make sure you legitimately treat your LLC's operations as separate from your own personal financial operations.

For the future, you don't have to send it certified mail, there is a Certificate of Mailing that's less than $2 that certifies you mailed something on the date you said you did and to what name and address it was mailed - you do usually have to wait in line and ask the clerk for the form as they don't put them out like Priority or certified forms, but I do it for security deposit returns and other important documents.