Hello again BP family,Ive got a hot one here, My younger brother has operated a construction style business for several years now...under the table.

Many of these markets are very well represented by sellers & turnkey operators here on BiggerPockets.

We are working on our operating agreement now before looking too hard.

A day after I contacted the management company directly, I received a call with the operations manager saying that I can in fact find someone to take over my lease.

There's one multi-family operator I particularly like who operates under 506B so they cannot publicly solicit.

There are some IRS requirements for the funds operating agreement you’ll want to be cognizant of, too. 

I was hoping I could get some help from you guys with some questions if any of you operate in Philadelphia or just know the answer.1.

Real estate gurus teach: Only buy rental properties based on actuals (actual net operating income) not based on pro-forma (or projected net operating income).Although it sounds good and reasonable, after doing this since 1999 and having bought more than 1,000 apartment units, I have NOT bought a property based on the actual income the seller is getting (or has gotten while he/she owns the property) ever!

This has upsides as you can get cheaper capital from banks, however it complicates the decision making process as both (or all) parties have to agree on many things through out the process of buying as well as operating the property.I would be happy to speak with you more if you would like some additional general information. 

Every mission/operation has some risk, the trick is to find ways to mitigate that risk to acceptable levels.