Always watch out for people that throw around a lot of pro-forma estimates and can't back up the figures they use with actual data.

Other than that, you had to find my classes through word of mouth.There were probably 500 students that came in and out of the program.I would say 70% were Male, 30% Female.Because the Math was very intense and became more and more sophisticated, eventually learning how to put together a 10 year pro-forma business plan with an Internal Rate of Return (IRR) calculation, of the 500 students, approximately 470 dropped out before the end of a full program cycle.Of the remaining students, approximately 30 that made it all the way to the end of the program, the best student, a 44 year old Female, not Married and no Children, whom I will just call Student M, made a killing.Student M partnered with her brother, who never attended class.

Also, it didn't look like it needed any immediate repairs and was fully rented):Purchase Price:$359,900.00Purchase Closing Costs:$4,000.00Estimated Repairs:$0.00Total Project Cost:$363,900.00After Repair Value:$359,900.00Down Payment:$89,975.00Loan Amount:$269,925.00Loan Points:$0.00Loan Fees:Amortized Over:30 yearsLoan Interest Rate:5.500%Monthly P&I:$1,532.60Total Cash NeededBy Borrower:$93,975.00Monthly Income:$3,775.00Monthly Expenses:$3,505.27Monthly Cashflow:$269.73Pro Forma Cap Rate:6.01%NOI:$21,628.00Total Cash Needed:$93,975.00Cash on Cash ROI:3.44%Purchase Cap Rate:6.01%ExpensesIncome50% RuleMonthly income:$3,775.00c:$1,325.00b:$1,450.00a:$1,000.00

Or should I form a LLC in each state that I invest in?  

For this reason, taxable corporations are generally inefficient form a tax perspective for US residents.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Again, if they hem and haw  . . .And if you decide to go ahead, really stress test the downside of the tenant leaving because they go south in your pro forma. 

@Shilpa Matlock as Jeff said, every property is going to look different in your pro-forma. 

They can form a pack mentality and gang up on other dogs/humans.

Brokers NEVER provide accurate Pro-Forma calculations.Brokers always over estimate the potential upside.