Or would I form a LLC with my friend where the LLC would own the house? 

Are you advising not to form a partnership for the business as a whole or not to have partnerships project to project with the exception of a partner who is financing the deal?

Pro forma cap rates and cash flow are easy to do on paper, but when you face the realities of renting in these areas, you're going to lose out when it comes to your tenant experiences and property management that is ultimately forced to clean up the mess.

Hopefully she plans on working with Keller Williams, so I'd like to try and form a relationship in some way, but am not sure what incentive I could offer them that would motivate them to share MLS access with me.

I agree with the others and depending on the age of the property, set aside a little bit of money on your pro forma for cap ex.

Pro forma income is too liberal, no market comps or research shown6.

Next, form a business like attitude, understand what predatory thinking and dealing is and how someone in business provides a service or a product that has value that is in balance with the compensation taken.

Hope it is useful to you.Not everyone will tell you this, but I would make sure and have AT LEAST $10,000 to put in up front just for lawyer paperwork (compliance docs, pro-forma, etc).

I used the rental property calculator and the results are bellow: (I entered to offer $45,000 cash:Renter PropertyMonthly Income:  Monthly Cash Flow:   Pro Forma Cap Rate:$1,200.00                      $684.25                 9.66%NOI:                           Total Cash Needed:            Cash ROI:        Purchase Cap:$8.211.00                        $45.00                              18.25%                  18.25%I know that I need to make an offer before someone else purchase it.

the pro forma cap rate is 7.91 % which is good for the Bronx hard to find 10 % or higher in a market like NYC.