A couple friends and I were putting around 5k-6k each towards two properties as our first Real Estate investment (non-primary residency). I have the best credit score of the three, so I will likely be the one to secur...

In my opinion, it's legal suicide to form a multi-member LLC on your own. 

If true, that's pretty good deal I'd think.Remember (and ask a CPA), you can only depreciate improvements, so you'd have less tax-shelter than with an apartment.In any case, get an ACTUAL (not pro forma) operating history for as far back (past 2 full years and YTD) as you can to verify and check for seasonality.OOC - I have no clue where Streetman, TX is, is the park close to a major freeway and is there activity outside the summer?

I read that it's best to form a partnership by representing myself via an LLC rather than as an individual-- anyone have thoughts or experience on this?

- cap rate on reported trailing 12 month NOI- cap rate on annualized trailing 90 day income minus trailing 12 month expenses (adjusted for property tax reassessment)- cap rate on brokers pro-forma stabilized NOI- cap rate on MY pro-forma stabilized NOI- cap rate on after-rehab stabilized NOI using cost basis including rehabUgh...Too much emphasis is placed on cap rate.

The pro-forma (I know to take this number with a grain of salt) comes out to $5,081 in net profit per month after expenses, management, vacancy, and maintenance has all been accounted for. 

Form a JV (joint venture) with some friends (specifically 3) and purchase all cash.Examine the title to verify you have ONE property with 3 units.Buying all cash, you should be able to vest title so that each investor gets one unit.

Not sure if anyone mentioned this:  get together with some other investors in your area to form a buyers' group and use this to leverage the Pro desk at Home Depot. 

What is the occupancy % and your pro forma NOI?

Details:5 units - Large home that was converted to 5 units a long time ago, all separate utilitiesLocation: Philly (Not a very desirable neighborhood)Purchase price - $160k (but I may be able to get it lower)Monthly Rents - $2595, no vacancies no section 8Monthly Expenses - $2049, estimated vacancies of 10%, 6% repairs, 7.5% ($200/month) capex, 11% mgmt fees and using the actual tax and estimated insurance numbersI also estimated $4k for closing costs and $10k in repairs (no major repairs on needed, this is just a cushion because I imagine there is something)======================CoC ROI = 14.2% / $545 monthly cash flowPro Forma Cap Rate = 9.47%======================My concerns/questions:- Am I analyzing this right?