You need to form a team!

thats a good idea.. form a little group and share the expense..

It will make you money :)If you don't feel comfortable dissecting a pro-forma... hell just ask me.

Monthly Income:$1,360.00Monthly Expenses:$1,121.38Monthly Cashflow:$238.62Pro Forma Cap Rate:14.09%NOI:$7,044.80Total Cash Needed:$11,000.00Cash on Cash ROI:26.03%Purchase Cap Rate:14.09%

My clients are constantly asking for metrics, and I am able to give them price per door, prevailing cap rates and CoC, average AND pro-forma rents by property and area, rent/sqft, prevailing vacancy rates, reasonable expense numbers, etc. 

Annual operating expenses = annual taxes+insurance+utilities+HOA fees+lawn/pests+vacancy+repairs+property management  (i.e. does not include CapEx or mortgage)NOI = annual gross income-annual operating expensesCap Rate = NOI - purchase pricePro Forma Cap Rate = NOI / after repair valueCash on Cash ROI = total annual cashflow / total invested capitalTotal Initial Equity = (down payment + closing costs + estimated repair costs) + (after repair value - total cost of project)Gross Rent Multiplier = purchase price / annual incomeThat is a lot of formulas!

Oh, and there would be no assembly line...which is an example of partnerships on steroids.There are three reasons why you form a partnership.  

I will soon to be real estate investor, as I'm going to be buying my first property, (a tri-to-fourplex) to buy and hold, and "house-hack" in the greater Seattle/Tacoma area.I have just been pre-approved for financing, and I have a few prospective properties I'm looking at with my agent, but I haven't talked to a real estate attorney yet, and I'm curious if I need to discuss my plan with a lawyer to 1) become educated on the local and general land lording laws, 2) form a rental/lease-agreement for my future tenants, 3) Advise me on a corporate entity to form to hold this property under, and 4) help me steer clear of anything illegal I may have a tendency to do before I actually do it.

I'm simply trying to learn from those wiser than myself to help form a plan.

I'm not sure if you're looking at this deal on the market or from another source but I would be more than happy to run a pro-forma for you to give a breakdown on the numbers, I just need some more information.