@Chelsea ShapiroHow to write a pro forma that is actually realistic.

Obviously you don't need a license to form a good network of real estate agents and investors but it's definitely another network.

@Shannon Sadik not sure the size of deals this lender you mention has been involved with.If you are looking to form a syndicate and target large assets with non-recourse financing, your work around with this lender is to form an entity structure (I prefer LLC's formed in Delaware) where he is an equity partner.

We are budgeting conservatively on our pro formas, but to their benefit, they will be self managing which saves a considerable amount as a line item.The reason we are comfortable taking these terms is they will be making a very small down payment (FHA or 5% conv) so we are not overly-worried about having to liquidate the capital in a down market. 

That was put on the form a few years ago specifically because people were saying it was an all- cash offer but having to get loans.

Do you just calculate the fundamentals based on the loose and incomplete pro forma numbers provided in the listing?

I do have a modified monthly pro-forma for STR's that breaks out essentially weekly and weekend rates with different occupancy in peak season and off season to arrive at a gross annual income. 

Question number 2: If I cannot do it - is there a way to form a corporation that I I can invest in with my 401 that would in turn give me a second mortgage?

Come up with a line of questioning that you ask every one of them and you'll start to form a VERY clear picture of what is going on.Any real estate professional that is worth their weight will be willing to take 15-30 minutes to talk with you on the market.

To start off though, I was actually interested in the properties but just couldn't make sense of the financials on the pro-forma which is why I wanted to dive in deeper and figure out the numbers.