Can I then treat my property as an investment/income property?   

If you had a property that was treated as a rental and it was placed into service, you should list it on the tax return.Rental properties within the first couple years, as you stabilize the property, normally generate a tax loss on the return.Whether you can utilize the loss on your return, as it may be considered passive, is another discussion.

You would be operating a single member LLC and presumably opt to treat that entity as a disregarded entity which will be a pass through to your personal return.

From a tax perspective, an LLC is a disregarded entity (meaning it is reported on your personal tax return) until you elect for the LLC to be treated otherwise. 

Invest into yourself self by treating your future RE Investment career as a business from the first day.

I believe how a person treat one deal is how they will treat every deal.

And yes, the first payment date is treated the same.

You will be treated as a partnership for tax purposes if you draw up and operate under a partnership agreement even if you hold title as a TIC. 

Multi-member LLCs are taxed like partnerships unless electing otherwise.If the property is located in CA, chances are likely that the LLC will be treated as "doing business" in CA and be required to register with the CA SOS and file a CA LLC return; this would be true whether the LLC is formed in CA, MN, or any other state. 

However, in all those early discussions they failed to mention the fact that the property being owned by an Irrevocable Trust would be a barrier to them lending to me, and I'd naively assumed that the Trust would be treated similarly to an LLC, etc.So here's the situation.