Partnership Conventional Financing Advice Needed

[Bret Weigel]

Hi all, 
I have a partner who I will be 50/50 equity with in buy & hold properties. We are looking to use conventional loans to finance our properties; however, I know there is a limit to how many mortgages we can have outstanding (10 each). 

First question: if we are both on the loan, then I assume that counts as one house for EACH of us (towards our respective 10 total), correct? 
Second question: If I were to take the loan out on this property (and he got the next one) and we simply added each other to the deed on each home, would the example above still apply (to where each house counts against us even though we each only have one loan)?
Third question (more partnership/legal question): Since we would like to do conventional loans and get lower rates and since banks won't finance LLCs, how do we protect ourselves from liability from each other and tenants? Would an umbrella policy be applicable for the two of us? Or can we roll these houses into the LLC after we get conventional financing?

Thanks so much.