So it all depends what you are aiming for.  

I don't allow any smoking in my units and have strong language / penalties if this policy is broken.

Having a loan called or needing a commercial insurance policy can be a bigger deal. 

:)If you don't have money you're not a buyer, any idea of what the engineering and inspection reports would cost.......guessing 10 to 20 thousand, title examination and policy aren't chump change, and not being closer on the value means an appraisal, maybe 5,7,10K don't know your area. 

If you are actively aiming to pay those off before they adjust or balloon, because you have a plan in place to eliminate the loans via debt-snowball, or have a high salary to pay them off, well, the benefits of ARMs and balloons may be worth it to you. 

You'll need a Builders Risk policy for flips, covers them while vacant.

As for title insurance, the title search is one amount and the policy is another and they do a new title search every time it's issued, so it shouldn't make any difference in the cost.  

Aiming to have it rent ready by January.

Hi BP,I have a question about forming an LLC that has multiple capital contributors with the aim to flip houses.

The policy holder will be different than the property owner with an after-the-fact transfer.I would offer as @Tom MacDonald or xxxx LLC for now.