I can't give legal advice and don't know your situation so I can't advise you on the best business model but as for as doing the paperwork to form a business here in Louisiana, it's pretty easy.

We purchased two single story triplexes that face each other to form a courtyard. 

I once had so many people coming that I ask people to form a line and wait outside, or come back in an hour, and I'll extend the open house hours.

Interested in knowing what your overall strategy is with real estate - does it form a big chunk of your total investment portfolio, does it get higher preference over stocks for appreciation, is it a growth strategy or preservation strategy, etc.

Have you looked at Fast Title's web site and reviewed the pro forma report? 

Could I form a lawsuit or maybe pull some strings with the city to make something happen?

I believe you'll find Maintenance, Vacancy Allowance, Taxes and Insurance will ALL need to re-assessed in light of REALISTIC (more expensive) numbers, not the pro forma ones you gave.Still, I reckon it's worthy of a closer look.

I am about to form a SINGLE MEMBER LLC and transfer my property to the LLC. 

* Schedule GC Walk-Through(s) * Get Contractor Quotes Purchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on Purchase Upon Contingency Finalization Final Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Get Pictures/Video * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final Budget Prior to Closing Final Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering) Upon Closing Day of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates ----------------- Also, keep in mind that if you're purchasing larger properties (4+ units), you'll likely want to get all the pro-forma data (and actuals) from the seller to do your analysis.

If the crowd you are working with really are friends, they will form a view about what you are suggesting and make their decision.