The central question is one that I don't think has been asked: is this your pro forma, or the broker's pro forma?

I will link a pro forma report I did here so you guys can take a look.  

I am looking to start a direct mailing list for MA and CT on single family homes mostly in probate.  

Purchase Price:$58,000.00 Purchase Closing Costs:$3,500.00 Estimated Repairs:$1,000.00 Total Project Cost:$62,500.00 After Repair Value:$58,000.00 Down Payment:$11,600.00 Loan Amount:$46,400.00 Loan Points:$0.00 Loan Fees:Amortized Over:30 yearsLoan Interest Rate:4.00%Monthly P&I:$221.52 Total Cash Needed$16,100.00 Monthly Income:Monthly Expenses:Monthly Cashflow:Pro Forma Cap Rate:$700.00 $536.69 $163.31 7.96%NOI:Total Cash Needed:Cash on Cash ROI:Purchase Cap Rate:$4,618.00 $16,100.00 12.17%7.96%50% Rule Total operating expenses:$315.17 Mortgage expenses:$221.52 Vacancy:$56.00 Repairs:$35.00 CapEx:$35.00 Insurance:$35.00 Management:$70.00 P&I:$221.52 Property Taxes:$84.17

You may want to get actual #'s on the property as far as income and expenses (don't go from pro-forma info).  

The pro-forma listing for this property is at 9.73% cap rate, but I will be re-calculating that based on a few different estimates.

If this will be a true rental in 3 years, treat it like it's a rental property when running pro formas and deciding whether to buy it or not. 

You can almost safely conclude that expenses will be around 45-50% of gross income (current, not pro forma), send in your LOI, if accepted, then dig into the financials and proceed from there.

I've got a basic pro forma that shows the numbers work great but so far no one is even willing to talk term and rates let a lone hard numbers.

I would like to form a LLC or S Corp to start investing some of my capital.