My current line of thinking: Is it possible to just "transfer" the properties to LLCs owned by the individual investors and not consider it a sale? 

It's a breach of the broker's fiduciary duty to his client (the seller) to bring in as many qualified buyers as possible in order to get the best price possible.Private agreements by the NAR will be no defense unless in the listing agreement between seller and broker.

@Eric E.UBIT only comes into play in an IRA on leveraged real estate and running an active business.

I do my best to keep up with it and give them reliable information, but I'd really like a routine place to check each morning so I'm giving them the best and most up-to-date information possible.

After that, the lender may use a private auctioneer to auction off the property and try to recoup as much money as possible.

I should probably add, that I do the same thing here: most of what I bought in the last 3 years does not much better than break even, but I am buying in the best possible neighborhoods that still work as a rental.

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

I just feel like everything that I am looking at has to be a high effort strategy or an equity/value add play.

Quote from @Josh Deschene: Hello All,This is my first post and I will try to summarize as clearly as possible.

If the LLC is wholly owned by you or your spouse, but not both, then you still get to report this possible 1031 exchange on a single joint tax return.