All of the pro-formas stand a shot of being (mostly) accurate if you take a long enough snapshot of time. 

Join either Rhawa or Washington Landlord Association, get the proper formas, and send them a proper notice of rent increase.

Have an attorney help you form a LLC, your operating agreement will act as your "contract".

My rough, back of the napkin estimates are below and based on quick internet research:- 40 - 2/2 units that are each 1,000 sq ft for a total of 40,000 sq ft- $100/sq ft building cost x 40,000 sq ft = $4,000,000- Land purchase of $500,000 plus ground improvements of $500,000 (parking lots, gates, fences) brings the total capital needed to $5,000,000- Assuming we raise 20% down ($1M) we would need to finance $4M- Assuming an $800/mo average rent we would gross $384,000 per year on a pro forma basis- Assuming 35% for all expenses other than debt service (management, insurance, taxes, utilities, marketing, vacancy, repair & maintenance) that results in a NOI of $249,600- Assuming 30 year amortization at 4% interest on $4M the annual debt service is $229,200All that only leaves a possible $20,400 profit at the end of the year on a $5M investment.

Secondarily, looking for advise how to properly handle the form a tax perspective?

I will reach out to you to form a relationship and let you know what I find while marketing for motivated sellers.

Hello everyone,I trying to get some recommendations to form a list of property managers to contact for my SFH rental property in the Raleigh

You may know rents can be increased at turnover and you may include that in your pro-forma analysis, but only offer  based on what they are bringing in now.  

He'd then need to file a W8 EN form as well.  

Should I form a LLC before buying?