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. 

Also, the RSVP helps me form a list of "leads" and then have their contact information to follow up wit them after the showing.The showings are typically 1 to 2 hours on weekends or 1 hour in an evening.

Your best bet is to hire an attorney.This is a perfect example of why experienced investors laugh when we see pro forma profit and loss statements that have no expense for vacancy, legal fees, maintenance, advertising, brokerage, depreciation, etc.  

Is that a 7 cap on current or (gulp) pro forma?  

It's a form a professional courtesy within a business relationship. 

The pro formas that I respect have enough allocated in maintenance/cap ex to cover the costs to turn over the unit at tenant turnover.   

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?

Class D is a PITA and pro forma returns on these are fictitious.

Agree with the others - to form a contract you need an offer, and acceptance and consideration (money).  

You get all the applicant's data from the application form as well as the reports by TransUnion to review, while not spending a dime.