Here is a rookie question. As I am looking at various pro forma's that give the numbers behind a property, what are some things I should be considering that may be being left out or that are misleading? I am really trying to dig into the numbers and understand things before I lay out actual cash so I would appreciate any info or experiences where people looked at the numbers and after renting properties now realize things they should have looked out for beforehand.

Best advice, don't look at pro formas from a seller, they are always misleading the rents are on the high end of what is reasonable if you're lucky and they exclude every possible expense they can.  If you are actually considering buying a property always run your own numbers.

Originally posted by @Tom Price :

Here is a rookie question. As I am looking at various pro forma's that give the numbers behind a property, what are some things I should be considering that may be being left out or that are misleading? I am really trying to dig into the numbers and understand things before I lay out actual cash so I would appreciate any info or experiences where people looked at the numbers and after renting properties now realize things they should have looked out for beforehand.

Pro Forma's are made up numbers by people desperate to sell a property.

Look at the trailing 12. (12 month's of rent and expenses)