There are certain benefits of starting an LLC (legal protection of your assets, with a proper structure - some tax savings, etc.), but there are also costs and time required, so I would advice to start as a partnership, and form an LLC if you decide to keep doing it on a regular basis.

I have no issues obtaining insurance.

This is where equity is obtained each and every time. 

It's all completely renovated, but there is just a wet bar in the basement due to the builder not wanting to go through the process of obtaining a certificate of occupancy.

I am looking to purchase my first property, I have yet to obtain the property- however I am interested in buying and flipping.

I'd also suggest researching small commercial multifamily properties, 5 - 30 units, and learning the benefits of that asset class.

This was posted by a respected member on the reddit real estate investing sub:https://www.reddit.com/r/realestateinvesting/comme...https://www.mauldineconomics.com/frontlinethoughts...One of the comments describes the "Minsky Moment", basically a collapse in asset value due to excessive loans being taken out, similar to the 2008 GFC."

This whole thing seems to have happened so fast it's still a blur.I do not want to over leverage and lose assets, so I have been conservative.   

Many investors purchase in their name for the financing ease and then shield everything under an umbrella, which can be a very cost effective way to create asset protection.

@Jessica Freese , Lucky you, this actually can be very beneficial for your taxes.1) If you husband makes less than roughly 100k,  the loss from rental can offset 25k of husbands' W-2 Income.2) Even if he makes more than 100k, Since you dont have a W-2 Job, with careful planning, you can qualify for RE professional status, that will help you use the entire loss from rentals against husbands' W-2 Income 3) You can convert some of your personal expenses into business expenses with the home office deductions, transportation expense ( mileage, depreciating computers, furniture, and other assets used for the rentals, and few more. 4) You can hire your kids and funnel money within the house if planned carefully.