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

Don't analyze my numbers as pro forma, they are merely to illustrate some taxation rules.Year 1.

An investor may be buying a building at sub 5% cap rates on actuals, which seems very rich, but the achievable pro forma after increasing rents and efficiently running expenses could be a 7% cap in a great area. 

Or form a LLC with them. 

I'm a skittish newbie who really wants to get invested in real estate, and the kind of products Morris Invest purports to offer (full service, a mentorship-style walkthrough of the whole experience, and a tailored approach to use the resources the investor has available) is a really tempting way to get started.Here are some things that have been different about my experience thus far (compared to the posts I found from pre-2020): - Previous offerings: rehab units; current offerings: new builds - Previous market: Indianapolis; current markets: Joplin, MO, Lubbock, TX and Odessa, TX - Previous financing affiliate: Ocean Point; current financing affiliate: SDIRA Wealth - Previous communication: bad (delayed, uninformative, and the like); my experience this week: ~10 minute delay in the scheduled phone call; very responsive via email (I received the follow-up mentioned on the call within twenty minutes of hanging up; I sent a reply with many detailed questions at lunchtime today [12:43 PM ET] and received a thorough response same day [8:05 PM], including a simplified pro forma example.) - During our phone call yesterday, I was strongly encouraged to visit the development prior to purchase; none of the previous reviews mentioned this even as an optionHas anyone worked with the company recently, or has anyone heard of any recent engagement with Morris Invest? 

Do you form a LLC or LLP with them?

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Most attorneys can quickly form a single member LLC for under $1,000 including the fees.

That has been my experience as long as you have a 1.25% or higher DSCR.I would defiantly use the bigger pockets rental property calculator and show the results to the bank, sometimes they can be stubborn on values as well but this is something you can come with accurate comps from an agent and your own personal financial pro forma of the property.Also, don't take the banks appraiser at face value, you may have to defend your position against one and it helps having the numbers in hand...Good Luck!