Again, I'm sorry that I don't understand the intricacies of how this all works, and I guess what I'm in search of is a bit of clarity and direction of how would you folks structure these assets and how would you go about insuring the assets?  

According to Berkadia a measly 249 units were added YOY with demand of 405 still exceeding new supply.

"Fixers" in general aren't automatically priced well either due to the HGTV Effect -- everyone thinks they are going to be a flipper, including owner occupants, and supply/demand sets prices, not the home itself.

Have them all get on the phone with a CPA and Attorney and create a Asset Protection plan and structure.

I may potentially may want take on some debt further down the road once I've built up a decent portfolio (ie. in 5+ years).What is the best structure to set up at this point?

We received a small note like this: -Paint and small repairs: $ 900-Other supplies: $300-Rent ; $100 We really took care of the apartment, removing all the shelves, plug all the holes and did the cleaning myself.

They will be able to help your friend choose the best type of structure to suit the investor's needs. 

@Jesus Ramirez Income from wholesaling is treated as active income, subject to self-employment tax in addition to regular income tax (at ordinary rates).An LLC is one option but your entity structure should be decided after a full analysis of your situation by your CPA and attorney.

Get the deals going first, build some equity and cash flow, set them up with proper insurance and umbrella insurance coverage, establish proper maintenance and property management, then look into structures, entities and strategies for asset protection.Here, a diagram to help you on this path:

You can file taxes with your SS#However most businesses set up a more formal business structure.