There is quite a bit of low income and rough areas in Kalamazoo (worse than GR), so you might steer clear of the sub-800 rent range or build some high maintenance costs into your pro forma.

Can I do this if I form a company in my 401K?

But the class of the tenant has to be factored into the Pro forma. 

They recommended I form a Wyoming LLC to serve as a parent company to the Florida LLC.

It's best to separate out property taxes and hazard insurance in your pro forma.

Purchase Price:$60,000.00Purchase Closing Costs:$6,000.00Estimated Repairs:$15,000.00Total Project Cost:$81,000.00After Repair Value:$75,000.00Down Payment:$60,000.00Loan Amount:$0.00Loan Points:$0.00Loan Fees:$0.00Amortized Over:0 yearsLoan Interest Rate:0.00%Monthly P&I:$0.00Total Cash Needed By Borrower:$81,000.00Monthly Income: $800.00 Monthly Expenses: $415.00 Monthly Cashflow: $385.00 Pro Forma Cap Rate: 5.70% NOI: $4,620.00 Total Cash Needed: $81,000.00 Cash on Cash ROI: 5.70% Purchase Cap Rate: 7.70% We want to buy and hold (possibly using the BRRR method). 

Below that is income, to the right is expenses (I use REAL numbers when ever possible), mortgage section, and below that is pro-forma that goes out 10 years.

A coworker that I went to school with and I are going to form a company and buy a couple rental properties.

Of course, with all things, the answers to all these matters will depend on the circumstances.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.

@Randall WeatherallSilly question but should a lawyer or an experienced investor look at the paperwork or is a pro forma scope of work and common sense good enough?