A) Well Organized and Reliable Pro Forma Investment Spreadsheet to accurately identify a properties investment potential.For Buy and Hold (SFR)I am a realtor so I understand all of the cost at closing from both the buyer's and seller's perspective so I will skip that part. 

I would use the one form as long as you can get the information you need from both of them to adequately check their, finances, credit and criminal background. 

I'l bet the rental rates given are pro-forma, since one unit is described as 'move-in-ready'. 

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Don't settle for 1% deals, and run a conservative pro-forma with accurate expenses and healthy reserves...

Not a member so I may have the details of this wrong but my understanding is that when there is a property for sale, LU members form a queue and take turns bidding (ex - if you're second in line, you have to wait for the person that's first in line to pass on the property before you can make an offer).  

Better you lost money on this than with a guru, imo.Learn to calculate your own cash flow using pro formas.

If you are hungry and motivated and looking for a less risky way to get started we could come together and form a llc and look for deals to get our feet wet. 2 heads are better than 1 and 4 is better than 2!

@Jamiru MutebiMake sure that you fully understand how the numbers and legal structures work Learn how to conduct pro forma analysis and contact law Let me know if you have any specific questions

Buyer will have 5 days after a written corrective proposal is declined  to accept the property "As Is" or terminate this agreement in writing, with all deposit monies being returned to the Buyer"  I have other addendums regarding the documentation I require of the seller regarding pro forma costs claimed rent roll...