Initial research off pro forma shows an 8.2% cap rate.  

Perhaps form a partnership where you are lending your background and talents in exchange for a decent % of the partnership.  

I have also noticed that brokers are very unrealistic with their pro formas and they evaluate a deal based off where the market rent is and not what it is currently bringing in.

Do you form a formal partnership?

I've been doing a lot of reading and research regarding land trust and I am interested in learning more and possibly using this as a tool as I progress in my real estate journey.My question is, can you form a land trust and make an LLC the beneficiary if there is existing financing on the property?  

I thought it was necessary to form a company because I have 3 friends working with me, is that not the case?

In a conservative pro forma income statement, use 10%, that's basicaly 5 weeks in a year

The worst ones are the ones that want all of my financial statements that could ever exist.Sometimes, it's an investor that wants to see the five year pro forma for a property I have an offer on.

You can download a copy here to get you started with your own model:Pro Forma Template - Small ApartmentsHope that helps...

Another option, if you can prove yourself on a smaller basis over a period, you can build up 100k and form a tenants in common (TIC) investment group, and have 9 other people invest 100k.