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?

Look for multiple ways to FORCE APPRECIATION Never buy on pro forma numbersTypical Flips take 3 to 6 months.Typical Value Plays will take 12 to 24 months but reap much larger rewards.

The fee to form a Nevada LLC is only $75 plus state business License of $200.The renewal fees are $150-(annual list of officers) and a state business license renewal$200.

I would put operating statements and rent roll as higher up on the list, as well as generating a pro forma NOI for your operations next year.

Those broker pro formas always paint a pretty picture!