Can I use itunes to create picture folders on my phone? And afterwards can I place pictures that I take on my phone into those folders? I did some research but the answers seem to vary depending on the date and update version.
I am not sure I completely understand your question, but I create photo albums in iPhoto and use that to sync with the iPhone through the Photos tab in iTunes
If you use Windows to sync your iPhone then you can create the folders you want to sync and in the photo tab of iTunes just select the folders to sync.