I know not to place much faith in the pro-forma's, but they do give me somewhat of a start. 

A good foundation would be a combination of the following:Reading through this forum's posts - https://www.biggerpockets.com/forums/70BooksInvest in Debt - Jimmy NapierBooks by Dave Van Horn, Martin Saenz, Gordon Moss, other educators (haven't read them all but they came highly recommended)Scott Carson's videos on YouTube/VimeoPodcastsThe Note Closers ShowNote MBAGood Deeds Note InvestingNote IncYou'll find great tidbits through these resources to help form a working knowledge. 

Does it make sense to you to form a LLC and does the above make sense to you?

Here are some ideas I didn't see you mention: Road Side Signs, Social Media Campaign, a Website (that can actually automate some of the stuff your Wife can't get to b/c of kids and life) and the last mention would be to form a Team.Real Estate Investing is not a 1 Man or 1 Family career, it's a Team Sport.

I am also not sure it will be a good investment for me since it is my first rental property investment.Numbers based on the biggerpockets rental property calculator: (assuming vacancy rate 5%, Cap ex 10%, property management 8%)ReturnsNOI$7,884 CoC RoI14.70% Pro Forma Cap7.88% Purchase Cap7.88%50% RuleTotal Monthly Income$1,40050% for Expenses$700Monthly P&I$39350% Rule Cash Flow$306zip code: 60628Home built year: 1926It shows on trulia that is was last purchased for $64,500 and it was listed on roofstock for $105,000.

My only question is about legal.Do we need to form a company to have our partnership? 

If your market changes rapidly, have them send you updated sold data every month or so.This way you can start figuring out ARV by yourself and you will be in a better position to work with your agent more productively.I guarantee if you do those 2 things, your relationship with your agent will be solid.1) Form a plan around submitting low ball offers2) Get sold data from your agent and figure out ARV on your own.

I look at a pro-forma but I'm not sure how to do the analysis part.

My partner and I are about to close on our first deal but would like to use this opportunity to form a relationship with a Lawyer for future work.

The solution is having a good pro-forma built that you can plug properties in to.