A friend and I who each own individual properties are looking to start purchasing property together.

If OP’s LLC satisfies the definition of “the insured” in the policy there is no need for an endorsement or a new policy. 50/50 individual owners to LLC where the individuals are 50/50, for no consideration other than the interest in the LLC ... this type of transfer meets that definition.

I disagree that the 1065 would be the more complicated route.Relying on each owner to report, accurately, their share of rental activity on Schedule E, plus issuing 1098s to the parties not named in the mortgage would be more complicated and more prone to error, especially if it's being undertaken in a DIY manner..I concede a 1065 would be more expensive than DIY tenants in common, however it frees up the owners to pursue higher value activities and provides them greater assurance everything is being done as accurately as possible.If we want to say error is being mitigated by a tax pro doing the returns of the owners in a TIC situation, sure we can say and all agree to that, but IMO the compliance fees for a pro in this situation for all individuals would be higher than that of just engaging a pro for one 1065.

Currently everything is held in our names either individually or jointly which is probably not the best idea due to liability and tax reasons.

Before setting up an LLC, and especially before setting up an LLC for each individual property, I recommend you do some more research on what an LLC protect you from and what it takes to ensure that protection remains in place.

Looking to connect with like minded individuals.  

The NEW LAW, regulates firms and individuals who contact owners of foreclosed properties offering to obtain money remaining after the auction on their behalf.

I then sublease it and do another lease option with an individual who cant qualify for bank financing at that time to occupy the property.

I hope no poor sucker got in touch with them.

We had a security system installed into the home due to unsavory individuals looking to find some tools at a discount.