Hi @Victor Spencer II,I help run Capital City Wealth Builder's one of Sacramento's Largest Real Estate Clubs.

I am interested in purchasing turn-key investing, but I would like to have a deeper understanding of how they form and function.

As far as REIAs go, there are 2 general ones and 2 niche groups.The 2 largest groups are ACRENM and ABQREIA (more info on the upcoming meetup on October 19th ==> HERE)The niche groups include the Multifamily Breakfast Club and the New Mexico Real Estate MastermindLots of great options, if you guys ever want to grab coffee, reach out!  

You may just work the math out, to include all the big renovations you will need, and present your offer as a function of math.

But perhaps I'm not fully understanding the function of an LLC.

You are missing literally the largest networking event in the state today. https://www.biggerpockets.com/forums/521/topics/35...

I am not sure how to value the deal for starters, these are all early 1900's house that have been converted to multi-units the largest being 6 units.  

There is a bit of a group trying to start up here on BP for NZ investors, here's a link to the main post to come over and introduce yourself:https://www.biggerpockets.com/forums/86/topics/308...Like @Hadar Orkibi  was saying APIA is the largest investor association in the country and has a load of great resources to choose from.

I am not sure how to value the deal for starters, these are all early 1900's house that have been converted to multi-units the largest being 6 units.

Your bathroom sink is not functional as your main bathroom.