The cost to repair your vehicle, and perhaps the other person's car, will be WAY MORE than the cost of the insurance premiums you saved by not having insurance. 

I would just make sure you're saving for reserves and expect that first year to be really about learning the house.

Ultimately responsibly using leverage (both equity and debt), implementing systems and buying good assets with realizable equity  is how you scale while operating a sustainable real estate business.

So the question becomes based on their individual and personal tax situation what is the estimated tax burden they'd save? 

Start with BiggerPockets Ultimate Beginners Guide (free).

I think it is more beneficial to save for the downpayment + 6 months reserves and closing costs.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

And yes, maybe "be patient and save" is the best move right now, until a good deal comes along.  

experience: I’m on my 3rd flipage: early 40sday job: brand and web design/development retirement savings: noneI want to learn about buy and hold to secure having SOMETHING for retirement!

In that case you might save taxes building with them.