Congrats, I personally would factor your vacancy/repairs into any sort of "pro-forma" return.

I always tell them to email me the "pro forma" numbers; acquisition cost, rehab cost, ARV and expected hold time.

Putting aside "pro-forma" cash flow for a moment, are you paying a fair price in the market's opinion? 

Do you form a JV with them?

This is the basic info, but that lack the vision....The vision starts with fact that it is located right across the street form a very prestigious college.

Don't get hung up.State specific, but even in California, you don't have to form a company, website, and advertise to be in compliance with the law and not have to buy loans from a broker.

You will want to read and understand the gist of the Canada - U.S.A. tax treaty.2) If plan to acquire several properties in Canada, then it may be beneficial to form a holding company which you either own directly or in-directly through a U.S.A. entity.  

They could also form a trust and have the trust named as the lender.

After literally years of waiting for someone else to form a group, I'm going to start one myself.

., keep in mind that you can also just form a Domestic LLC in Tennessee, instead of doing a foreign qualification.