They weren't aware of doing cap rate analyses on the market, nor did they fully understand pro formas.  

Thanks Michael, I know I need to form a company to protect my personal assets.  

I'm happy to provide a pro forma for a serious inquiry.

The pro forma is the turnkeys show you  are a complete joke and are so dishonest and when you put real numbers in and account for all the real expenses you end up making nothing  Also they are selling you a property for way above market value and you will never get that money back it's an automatic loss any property they try to sell you look at the houses in the neighborhood I guarantee you they are tens of thousands of dollars cheaper  They are just a business they are selling you the dream of real estate but really they are the ones making all the money by flipping properties and selling them at a huge profit margin to naive new investors   The companys that show decent numbers  are in crappy neighborhoods and are mostly section 8.  

Since my partner and I are on the deed and are operating currently as sole proprietors, I don't think it makes sense to "form a business" with a separate tax id number just to open a bank account with the PM company.

Here's a good starting place to build a pro forma.

Make sure their pro forma is conservative and includes increased cap rates. 

Those are desirable areas where a nice 3 bed 1 bath unit can rent for 1,200 all day long.Don't fall victim to the pro formas showing New Haven and Hartford to be these amazing places.

You can also have a real estate attorney form a married couple LLC with an operating agreement that spells out terms you both agree to in any state. 

Collectively, like-minded Investors A through M want to combine property in a fractured ownership, multifamily neighborhood to form a 'super majority'.