Hi, Welcome to the Forum jmp909 !
Here are all important links:
http://lmms.io/forum/viewtopic.php?f=1&t=4740
-A few rules and useful forum instructions
If you like to introduce yourself, to the community, go here:
http://lmms.io/forum/viewtopic.php?f=4&t=4480
Yes That is correct. Atm we recommend that you place all your VTS-instruments in a subfolder to youri noticed I could only add one VST folder
Documents/LMMS/Samples
Make a new folder .. f.i MyVSTs
Inside that folder you can have any number of folder, and they will all appear in the sidebar collection
Your VST effects goes into the folder chosen as VSTfiles in settings.