Rent averages $600/month/unit ($172k per year pro forma total).Seller has provided rent rolls from the past 5 years (2011-2015) and I have reviewed them.Seller is asking for about $56k/unit (1.4million for the 24 units)Roof is about 7 years old. 50% of HVAC were changed in the last 5 years.Below are some hard numbers from the seller.

My business partner and I have been looking at multifamily units since April of this year trying to find a deal where the numbers worked.We ran into some common issues on properties we had to pass onRents were pro-forma based on "market"Expenses were under stated, did not include management, and did not reflect accurate costsProperty condition was overstatedOur general requirements were to find a property in a good rental area of Houston with a solid rental base.

Congrats @Kenneth Law form a local hard money lender.

There are three reason, and only three reasons, why you should form a partnership. 

I know a fantastic, investor focused realtor who invests out her herself who can put together some pro formas for you. 

Buying form a wholesaler: a non-refundable deposit (option fee essentially) is now $5000.

Basically, I am not ready to form a Corp or LLC of any kind just yet and will be buying/selling/financing under my wife and I's own name.

Another option is to form a relationship with an agent, who often have relationships with title companies and can find this information with a simple phone call.

So have some questions, Whats the difference between pro forma cap rate and purchase cap rate?

OkOKOKOk here we goOMG OMG OMGokOMGOKOKOMGSo..90+% of investors do free methods like D4D, Door knocking bandit signs etc. etc. 90+% of investors fail misserably.OK those are the 2 facts.Lets try to form a conclusion.Well if the majority of investors do the free methods, and the majority of investors fail...then.. hmmmm... think  think think..I GOT IT!!!!!