I think I might need to make visits to these places a line up properties to see and form a team to help assist me.

So have some questions, Whats the difference between pro forma cap rate and purchase cap rate?

I am looking for turn key properties, and also trying to form a team around myself. 

Did you do a pro forma?   

What about a situation where one partner comes with all the cash and one partner comes with knowledge side of the deal and they form a partnership.

We would not have the time to properly manage our STRs.Not including these costs in your pro forma depicts a misleading result.  

I think if we form a group of OOS investors and all use the same team we will find success.

I personally think that you need to have a Metric that can compare to ANY kind of investing.... not JUST something that compares one REI to another REI.I'm not sure how other Investors will view this, but I thought that I would put it out here and hopefully help those who are struggling to get a really good understanding of what some of us call FUTURE Value and PRO-FORMA calculations.While these calculations are not the exact ones that are being used, I think this is a good introduction and can help give the Reader of this Post some understanding of how looking at the Future using projected calculations can help determine what is a good Investment, FOR YOU.

If you decide to go the turn key route, here are things to look for in the turn key company and what to avoid: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value) Don't allow for your own independent property inspection Are not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors) Require you to pay for any renovation upfront Sell only in cheap. low end neighborhoods Don't accurately represent the neighborhood/property classification Don't have consistent rehab standards for all properties Don't provide a scope of work for the property Can't provide references of repeat investors Require you to close before a tenant is in placeI've been active in Indy for nearly 10 years and know the market well.

Only people who couldn't form a proper sentence and wanted to know how many people could live in the unit.