Hi,I am buying a property in PA and in AL.I have already formed an LLC in PA.My question is should I form a separate one for my property in AL?

Deal Stats:Price (Current List): $109,9002 Separate duplex properties on the same lot for a total of 4 units.7 bedrooms 5 bathroomsAll units recently renovatedIncomeGross Monthly Rent: $2,400Expenses:Mortgage: $500CapEx: 3%/mo = $72Repairs: 3%/mo = $72Insurance: $150/moProperty Taxes: $130/moAll utilities are the responsibilities of the tenantsI will be managing the property myselfTotal expenses/month = $924Based on the BP Rental Tool I get the following results:Pro Forma Cap Rate: 21.12%Cash on Cash ROI: 222.05%Income-Expense Ratio (2% Rule): 2.14%Debt Coverage Ratio: 3.97Monthly Cashflow: $1,479.39NOI: $23,734The Market:Where this house is located, 44% of the market is renting vs 33% for the stateThe most popular type of rental is 2 bedrooms, which are 3 of the 4 units in this deal.Median Rent is slightly less than the current rent on these units.  

Agree with @Eric Black, pro forma numbers are typically inflated.

Is there a standard seasonal vacation agreement for MA and any critical laws that I need to know about before I start renting?

I plan on doing many more deals in the northern Texas area and it would be awesome to form a relationship/partnership with someone like yourself.

Those questions will help me to form a more educated opinion.

That is why it is always good to run your own pro forma for every deal.That said the 2% rule is monthly rent / purchase price.

If you do not form a limited liability entity (LP, LLC, or S-corp) then you will be deemed to be a general partnership. 

Looking to form a partnership in southern California and would like to learn from others as to the best/most economic process for getting a solid contract in place.  

California does not recognize series LLCs.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.