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. 

Then on the resale you're likely going to be selling to a savvy investor who will want to negotiate a discounted deal and you'll likely have an selling agent who will need to fudge the #'s and the pro forma in order to try and get the deal done. 

I would also recommend getting a few years' copy of their schedule E and compare actual expenses to whatever pro forma they gave you.   

Here is the example that I'm thinking about:I form a partnership with an out-of-state family member who agrees to put all the money down on a loan for a 50/50 split.

If you're looking for SFR/MFR opportunities I would say you're going to just about break even here if you run an honest pro-forma. 

Use 10% ($250) for now.Using 10% for CapEx is fine for initial Pro forma analysis.  

I would also get some legal advice form a Real Estate attorney and not just an Attorney as to how to proceed. 

I would budget closer to 12-15% of gross on your pro forma because no matter what the PM % is, they will charge by the hour for everything "above and beyond the norm".

Conservative pro formas are possible if you are really familiar with the market and costs involved, but too often overestimated.The fastest way to make money in RE is to throw lots of money in it, if that fails, thow more money in!

My sister and I would like to form a new Family style business in and around Boerne TX.