Have you looked at Fast Title's web site and reviewed the pro forma report? 

Hello everyone,I trying to get some recommendations to form a list of property managers to contact for my SFH rental property in the Raleigh

You may know rents can be increased at turnover and you may include that in your pro-forma analysis, but only offer  based on what they are bringing in now.  

He'd then need to file a W8 EN form as well.  

My rough, back of the napkin estimates are below and based on quick internet research:- 40 - 2/2 units that are each 1,000 sq ft for a total of 40,000 sq ft- $100/sq ft building cost x 40,000 sq ft = $4,000,000- Land purchase of $500,000 plus ground improvements of $500,000 (parking lots, gates, fences) brings the total capital needed to $5,000,000- Assuming we raise 20% down ($1M) we would need to finance $4M- Assuming an $800/mo average rent we would gross $384,000 per year on a pro forma basis- Assuming 35% for all expenses other than debt service (management, insurance, taxes, utilities, marketing, vacancy, repair & maintenance) that results in a NOI of $249,600- Assuming 30 year amortization at 4% interest on $4M the annual debt service is $229,200All that only leaves a possible $20,400 profit at the end of the year on a $5M investment.

Have an attorney help you form a LLC, your operating agreement will act as your "contract".

I will reach out to you to form a relationship and let you know what I find while marketing for motivated sellers.

Secondarily, looking for advise how to properly handle the form a tax perspective?

Interested in knowing what your overall strategy is with real estate - does it form a big chunk of your total investment portfolio, does it get higher preference over stocks for appreciation, is it a growth strategy or preservation strategy, etc.

My simple technique is to do some pro-forma (sample) calculations to know what to target.