I can already tell this industry is going to help form a great deal of patience.

I have grandiose plans as I'm sure we all do, but I would like to find a favorable market where I can continue to do deals over the years and form a network.

Here's my best estimate of a pro-forma on a $200k sfr in nj.http://i970.photobucket.com/albums/ae184/thecentfamily/propertysheet2.jpg

Stylistically on your pro forma, usually I see NOI calculated as a line, then mortgage, then cashflow rather than showing the mortgage line above expenses and taxes.

Summary - Be very careful buying low price rentals in the Indy Market and take the pro-forma's of any turn key with a huge grain of salt I purchased from High Return Real Estate in July of 2017 not knowing anything about the market aside from listening to their podcast selling Indy really hard and why it is such a great rental market.I took the bait but unfortunately it has been nothing but issues.

Should I form a separate LLC for each property? 

There are a group of us that are trying to form a central Indiana real estate investors group to network, build ideas, and maybe do some deals with each other.

@Mike Schelske You'll get 100 different opinions on the viability of a turnkey strategies, if the ARV values are accurate, if the expenses post-rehab work out according to the pro-forma, etc.  

Or, more starkly, I’ve never seen a new pro-forma posted on BP be “too conservative”.  

Typically when two people start an LLC, they form a partnership.