The Pro-forma rent role was an annual total of $220,000 (this was fair I pulled comps).

If you ask a lawyer you will be told to form a LLC, that is part of the business they are in so don't be surprised they push it.

Hey BP community! My name is Haneesh and this is my first post, but have been following the forums for a few years now. I recently got my real estate license and joined a brokerage. Some of my friends and mentors have...

Anything two knowledgeable, competent people agree on to form a partnership is fair.

The seller and I partnered to form a company where I would purchase the property for 250K using bank finance, she agreed to leave 180K in equity in the property and maintain a 28% shareholding.

Here is what I have:Targeting 1 to 6 units with lot rents averaging less than $400 per spaceVacancy rate between 65% to 90%Lot rent cap rate is above 10% (actual, not pro-forma)Bonus if the seller will partially owner finance.No geographic preference.This is my "initial filter" criteria.

We form a community that is as close knit as you want to make it.Again...welcome!

Why form a corporation as opposed to an LLC?

Well, I'm sure it's a nice post with your pro-forma, but I can't read it very well on this notebook.Projecting a property value out 15 years has never been done to my knowledge!

If we find ourselves partnering with a company where we intend to split the profits and come in with a % each on the investment capital, then we'll form a separate LLC.