People will argue of impending Armageddon if you don't slavishly follow your contract  but it's not true.It can be a way you choose to operate your business - most it's not how most businesses  operate (ever heard of the gesture of goodwill) and there is no real reason (no it will not necessarily get you in Fair Housing trouble) for a rental business to be an exception. 

I have interviewed with most of the big brokerages out there, and found what they offered to be fairly useless for the way my business operates.

Disclaimer: I’m not attorney and this is not legal advise but it’s my experience of actions I’ve taken with success.Docs Your going to need are SCC docs with articles of organization as well as a operating agreement as well as a federal identification number “EIN”.

You’re betting on appreciation and choosing to lose money monthly (rather than increasing a down payment) to make that educated guess and keep capital in the bank.

As you learn the different facets of the business you will have a better understanding of everything that goes into finding and operating a multifamily deal. 

Just divide your cash invested by the Net operating income and it gives you the percentage of cash on cash.

@Tony C. remember the advice: "Don't bet long term with short term money." 

Operating Agmts etc would also be fleshed out to ensure everyone is secured.I know terms are all negotiable, but I'm looking for feedback on the 50/50 split and whether that seems reasonable / consistent with other deals you all have done?

@Christopher CourterIf the properties are 4 units or less, don't worry about the operating data. 

The proforma will have numerous data points that require research: rents, operating expenses, city impact fees, build costs, soft costs A&E.