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

Agree with @Eric Black, pro forma numbers are typically inflated.

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.

I would have actually flown out and walked the building rather than putting the deal together form a distance.

What you pay for the property should be based on actual cap rate, and not pro-forma cap rate.

Deal Stats:Price (Current List): $109,9002 Separate duplex properties on the same lot for a total of 4 units.7 bedrooms 5 bathroomsAll units recently renovatedIncomeGross Monthly Rent: $2,400Expenses:Mortgage: $500CapEx: 3%/mo = $72Repairs: 3%/mo = $72Insurance: $150/moProperty Taxes: $130/moAll utilities are the responsibilities of the tenantsI will be managing the property myselfTotal expenses/month = $924Based on the BP Rental Tool I get the following results:Pro Forma Cap Rate: 21.12%Cash on Cash ROI: 222.05%Income-Expense Ratio (2% Rule): 2.14%Debt Coverage Ratio: 3.97Monthly Cashflow: $1,479.39NOI: $23,734The Market:Where this house is located, 44% of the market is renting vs 33% for the stateThe most popular type of rental is 2 bedrooms, which are 3 of the 4 units in this deal.Median Rent is slightly less than the current rent on these units.  

Account Closedhouse hack separately, and form a mini mastermind to share your experiencesflipping to raise capital is difficult because it actually takes quite a bit of capital to do a flip

And you can use a roommate agreement form as well.

And that pro forma?

I am also from the Bay area and looking to form a team to participate in multifamily deals.