I've read a lot and am assuming that for each property, we should form a different LLC to limit our liability.  

How does the actual performance compare to the pro-forma?

Quick calculations like that are useful to create a shortlist and then gather more detailed information to build a cashflow pro-forma over your investment horizon.

And then to see properties with major value add requirements not pro forma out unless one is hyper aggressive. 

in the 90's someone could get a chattel loan for a mobile home and rent a lot form a MHP.  

These numbers are part from pro forma, part from seller disclosures.

I recommend if you're doing a long distance deal make sure you can form a team on the ground and really forge long term relationships with your team members.

Purchase Price: $100,000.00 Purchase Closing Costs: $2,500.00 Estimated Repairs: $0.00 Total Project Cost: $102,500.00 After Repair Value: $120,000.00 Down Payment: $20,000.00 Loan Amount: $80,000.00 Loan Points: $0.00 Loan Fees: Amortized Over: 30 years Loan Interest Rate: 4.500% Monthly P&I: $405.35 Total Cash NeededBy Borrower: $22,500.00 Monthly Income: $850.00 Monthly Expenses: $840.35 Monthly Cash-flow: $9.65 Pro Forma Cap Rate: 4.15% NOI: $4,980.00 Total Cash Needed: $22,500.00 Cash on Cash ROI: 0.51% Purchase Cap Rate: 4.98% Total operating expenses: $435.00 Mortgage expenses: $405.35 Vacancy: $42.50 Repairs: $42.50 CapEx: $85.00 Insurance: $80.00 Management: $85.00 P&I: $405.35 Property Taxes: $100.00 Financial Info Income-Expense Ratio (2% Rule): 0.83% Total Initial Equity: $40,000.00 Gross Rent Multiplier: 9.80 Debt Coverage Ratio: 1.02

Booker, that is correct.  4% would be great if you can find that in the LLC.  5.75-6.5% is what I would budget/ pro forma at.

For future readers:  For all rental properties, only make offers using the Commercial Purchase Contract form as you can check [ ] buyer intends to occupy, [ ] property is to be delivered vacant.If accepted, before COE the condition must be met.