From there, it requires the ability to conduct underwriting the highest and best use of a planned project, which requires a pro forma built by the user or acquired from a competent 3rd party. 

Thank you for taking the time to provide the details and the pro forma #'s. 

According to their pro-forma statements and current rents, that's about a 1% CoC.

You have a “full” package including property(s) identified, acquisitions under contract, appraisals performed by MAI appraisers, historical financial statements, pro forma projections, surveys, title reports, feasibility studies3.

The numbers you see in pro formas or calculators often don't account for hidden costs like:-Major repairs and capital expenditures (roofs, HVAC, plumbing, etc.)

There is plenty of property for sale in Memphis TN that can meet the 1% rule and you wont overpay for it on a "promise" (The inflated profits via the pro-forma they gave you).

If you're considering going the turn key route, here's what to look for in a turn key company, and avoid the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value) Don't allow for your own independent property inspection Are not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors) Require you to pay for any renovation upfront Sell only in cheap. low end neighborhoods Don't accurately represent the neighborhood/property classification Don't have consistent rehab standards for all properties Don't provide a scope of work for the property Can't provide references of repeat investors Require you to close before a tenant is in place

I have a pro forma  using very pessimistic occupancy/booking percentages (worst case scenarios) which identify a very nice cash on cash return, and the ARV will (again, pessimistically) be at least double the purchase+rehab costs. 

So you could form a partnership but it would not be allowed to purchase the property, so you will not be fully protected legallyThanks for clarifying that they're not a first time buyer program, I am not sure why I had that confused.

I have seen far too many times where these do not hit pro forma due to unexpected problems like theft, crime, etc.And, on top of that you are not even going to be in the US and have no ability to supervise and make sure that the people that you hired (who are not aligned with you) are looking out for your best interests.