Will they eventually pass legislation to include it, who knows. 

What I am trying to avoid: renting for 2 years to eventually end up getting a condo/duplex later on or the flip side investing so much into a condo/duplex, and just overall not having it make sense with this situation.

But the house is only 10 years old, it's huge, it's in a decent area that's still being developed (Eastern East SF Bay Area), and it has the potential to earn us some money.Does the earning potential of the house make up for the headaches of renting in CA and having to pay a boatload of taxes on the equity when we eventually do sell?

On the flip side, my “brother,” and business partner, Rob, is the “Daredevil” This means he thrive in high-energy environments, embrace risks, and is relentlessly driven to achieve bold goals.

There's a couple of things that make this more attractive than the other option sugggested of forming a new LLC to own the property.First is the expense and reporting involved in another LLC entity.Second though and more important in my book is that by having your LLC own a TIC interest and having your partners LLC own a TIC interest you keep the utmost flexibility available to you as you move forward with that property to eventual sale and possible 1031 exchange.  

I plan to get one eventually, but fires are just something to prepare for.

But at this point do not want to get too much ahead of myself.So, basically, keeping my current situation in mind, how to form an LLC, any specific type (cost effectively) and move my property into that LLC and eventually all my finances too.

However, my wife was not with me at the time so in respect he had to end the conversation, because I'm sure it was eventually going to lead to making a decision on whatever they were trying to market.

People will always tell you their method is better, but eventually it comes down to you to make the decision.

I'm looking to get into wholesale but also eventually fix and flip.