I've found this book extremely informative in filling in questions about uncertainties regarding numbers, and if you base your numbers on the formats outlined in the book, you're much less likely to make a foolish investment.Just my two cents... and hopefully it's worth more then that.

Entity formation is soooo much more than just what you're doing in the business. 

it seems the format changes quite often here on BP.

This was somewhat in 'story format' going all the way back to my grandfather investing in the 70s in the silicon valley up to the fact we have managed our own businesses for 2 decades, and our past experience with rentals, pictures of our current places (we take very good care of them) including things like the fact that our vacancy runs less than 2% but we still figure 5% into our projections to be conservative. 

Just set one up through one of the many online LLC formation companies. 

Convey to the visitor exactly what you do in bullet point format.

My question is where do we begin with an LLC formation?

This can be done two way:1) Don't get a loan and just pool in 20K of your own cash2) One person gets the total loan, and he/she be compensated for the recourseSome of the responsibilities can be: Funding, LLC formation, negotiation & purchase, Rehab & GC, Resale marketing

Again, I must personally guarantee the refi loan, but it is not a problem.Question 2: That is a guru sales pitch who gets paid commissions by the entity formation companies.

They sent me an email and I could specify what format I wanted them in.