During that time, I built many pro forma spreadsheets and the only line item in them that dealt with taxation was "property taxes".

Even though they had less pro-forma cashflow in the magic spreadsheet, they were actually more profitable overall.

And this is not a local SF market thing either, it extends to all markets, even (and in some cases I'd argue especially) those that readily show cash flow on day 1 pro formas at retail price. 

This is a Pro Forma for what 2022 will look like.  

I'm very curious on this topic as I was about to form a foreign LLC (based in NJ), registered in VT for a STR property in VT.

The numbers looked awesome in their pro forma (19%+ IRR), however, they got it for roughly 10% more than my max price, which was showing a 14.3% IRR.

Not a lot of wholesaling aka assigning will happen so the wholetail play works great.Happy House Hunting form a 1000+ miles away

The deal is delivering on pro forma, communication has been proactive and professional.

I manage to pick that one up, and have the seller form a mortgage so the deed is in my name.

The Book on Flipping Houses & The Book on Estimating Rehab Costs.http://www.biggerpockets.com/flippingbookThere are also tons of different templates and pro formas available at The Fileplace.