There is a minimal cost to set up and file taxes under an LLC as well. 

In Feb of this year, we purchased a ST vacation rental condo on the beach in FL.We currently have a $1MM umbrella policy and started a relationship with an asset preservation attorney because we are going to start looking for another long term rental in the north metro atlanta area to try the BRRRR method.He is suggesting we change our JT Rev Tst to two indv Irrev tsts (with us as the beneficiaries) -> the trusts will be the owners of a holding company, multi member LLC. 

Then move them to an LLC if you like.

Everyone else on your team will be transaction-based and not really involved after a purchase.We're in the Metro Detroit area, so you may want to follow our blog here on BP, but at least read the following posts:Follow our "Deep Dive" series we're doing about Metro Detroit cities and City of Detroit Neighborhoods: https://www.biggerpockets.com/...How to “Screen a PMC Better than a Tenant”: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesIn our experience you will need to:1) Learn to "Maintain to the Neighborhood", not your personal standards2) Tenant-Proof everything you can Hard surface flooring, not carpeting (too easy to trash) Same basic paint for everything No garbage disposals for them to break Only spring-type doorstops also with plate on the wall Glue rubber mats under sinks to prevent water damage Sheet aluminum on walls around stovetops, for easy grease removal Towel racks - screw 1x3 to wall studs, then screw rack to that Install low-profile downspout ext, not aluminum that always disappear Plan on cleaning gutters and leaves up in the fall as tenants won't Avoid garage door openers3) Have a great application screening process: Check credit for evictions & convictions, utility collections Focus on employment/income stability Require bank or debit card statement - you'll be surprised what they spend their money on!

Best way to set up an LLC?

@Mike Cordova I also recommend doing a series of single deals first.  

My questions are: Is there a way to draft a partnership without creating a new LLC/partnership?

Does anyone have advice regarding how the property can be transferred to an LLC if both of us own the LLC.

My business partner and I are also doing everything through an LLC so I am not sure if that changes anything either.

Two of my units were closed into an LLC.