For me, I only allow my partners to pass on "economic shares" (I am NOT a lawyer, I might be calling this the wrong thing), so their spouse will still get the monetary benefits of the partnership but not have any decision-making power unless I vote them into the company, it prevents me from becoming parnters by default with someone who may not know/understand/value/think/share my investment philosophy5.

Does anyone know how to go about getting my newly formed LLC to be able to take over my current mortgages or if there's a way to transfer the benefits of a 1031 from my name to an LLC at the time of a purchase?

Besides cash, what would benefit the seller?

I am here to learn and gain as much info as I can before I purchase my first home.

You should just keep it in the FHA unless you create equity or gain it through appreciation.3.

I apologize in advance for the obvious questions, I'm just very new to this business and I want to gain clarity in all aspects.

Within the next 5 or so years I would have the opportunity to relocate to a new city for my job, so I am thinking this would be a good way to begin gaining equity in real estate, live with friends while I'm still relatively young, and have their rent payment help pay off my mortgage.Sorry for the long post, hope that it is at least comprehensible.

The question is whether or not the benefit of getting the third property without any additional cash out of pocket is worth increasing our debt. 

That way you know what you can afford and what you'd need as a down payment while gaining valuable connections for once you actually start investing.

Trade your work ethic to gain experience, but I wouldn't pay someone $1000/mth.