My friend and I are in california.Looking to buy commercial office and warehouse property as Partners in Florida - Lakeland area US HWY 92, The owner is willing to provide do Owner financing with 10 year balloon payment at 5.5%Its current leased yearly gross income 130k and occupied cap rate 9.25, down payment at 10% appraisal value 1.135.000Should each of us form individual LLC in Wyoming or form a Partnership?

This article is a decent place to start:Calculating Loss to Lease and Effective Gross IncomeA proper presentation of a pro forma should have a gross potential income followed by the items that make up your economic vacancy:-Doors not physically occupied for periods of time-Concessions-Skips, etc.If you operate D-class properties your economic vacancy is likely to be MUCH higher than operating nicer properties.  

Personally hopeful that some semblance of an official and agreed upon timeline takes shape... that will form a much clearer picture for me.

But in a reverse we, the QI form a holding entity and take title to the new property. 

You also need to do a high level pro forma to see if the deal works. 

$250x12= $3,000 less than market @ an 8% cap rateLoss in Value = $3k/8%= $37,500Now I'm not factoring in vacancy or turn costs but you've hopefully already included a budget for that in your pro forma.

It's a FREE Form as stated above.

So be sure you have a form as part of your application process that covers that. 

As @Shaun Patterson aptly points out, you shouldn't buy on a pro-forma (i.e. on the assumption that rents can be raised).  

Depends on the type of syndication, but to name a few:Private placement memorandumOperating agreementsSubscription agreementsAccredited investor qualification formAs others have said, reach out to a local securities attorney