I understand that every person's situation is different from mine, but I asked in the hopes of gathering multiple perspectives and strategies on this topic so that I can better formulate my plan.

This is the right place to grab ideas and formulate questions.

Hi Shar,Here is a formulate to estimate your maximum offer:Max offer = stabilized value - deferred maintenance - stabilized expense loss - contingency - equity fee - other expensesStabilized value: based on your projected stabilized NOI, which is based on the renovated rents and stabilized expenses, and the market cap rateDeferred maintenance: your renovation budget to stabilize the propertyStabilized expense loss: expenses paid before property is stabilized (i.e., taxes, utilities, insurance, debt service, etc.)Equity fee: amount of equity you want to earn based on your repositioning effortsOther expenses: delinquent taxes, financing fees, acquisition fees, etc.

If so what book if not do you have more info on how to formulate your offers?

My agent knows this and based on this, has helped us formulate pretty competitive offers, we think.

You should consult a reputable attorney versed in business and real estate, they will be able to formulate a game plan for you. 

With an LLC, an investor could contribute xx dollars in owners capital for an equity position for instance while your articles in the formulation can stipulate the particulars of this individuals (I.e. control) in the organization.

So,Let's say I have $4,000 per month profit in rental income, how do I legally take a cut of that...I'm formulating a plan to get enough rental income to pay my own personal mortgage, how do I do that?

Myself, and my clients spend a matter of 10 seconds to formulate our offer, once the numbers are ran and now we know its us and 2 others.   

It is a bit more involved than sending mailers out, or paying for ads and sit back and hope it will work.So the real challenge is to figure out a combination of marketing venue (PPC, DMM, SEO), find out a way to track and log, and evaluate the data, and draw your conclusions based on the results and formulate why the results are the way they are.