Everyone one wants to own properties, but how many know how to fix or maintain a unit?

I am studying towards degrees in Finance and Managerial Economics.

That being said, take some time (anything less than 4-5 months of daily learning, reading, connecting, studying, networking or listening isn't long enough).

That's the nice thing about multi-fam, you can usually maintain some rent coming in, so it's not quite as worrisome compared to single family and single rent check coming in.As @Brandon Turner said, check out the free ebooks on here and even the paid books are well worth the money. 

Nicer places in nicer areas are great, easier to rent, and usually less work to maintain but if your just going to break even on a 30year note its not really worth it in my opinion unless your in an area where you expect to see a lot of future appreciation which is always speculative at best and even more so on a multifamily where the income will always dictate the selling price. 

Maintain LLC taxation status and bring in any partner you like and give them 1% ownership.  

Study up and take actionable steps to achieve your dreams!

Is there any method to avoid these high insurance cost and maintain the LLC ownership?

You will want to study up on that and locate a CPA to work with for the IRA tax filing of form 990-T.

The house wasn't properly maintained.