Hold for awhile and split the profits or have a public auction almost immediately after you control it.These are just a few ideas that should stimulate your creative juices.  

You would be better off with an entity owning only one property (10 properties, 10 LLCs or LPs). 

What is there to get the population stimulated, that was my fear.All really great points to consider , weigh them out..... and see where the comfort level is. 

Given this structure and since LPs would've been paid their equity contribution by Level 2 & Level 3, how much ownership interest should the operating agreement allocate to GP & LP with regards to company ownership, voting rights, and obviously the sale of the asset?

There is a big caveat to that though, which is that (1) I haven't entered into any LPs myself, and (2) the clients I work with are large real estate investors not using conventional bank financing.However, I did make loans to LPs as a bank officer prior to practicing law.

One possible structure would be for the LPs to receive a preferred return, and then any residual profits would be split between the GP (you) and the LPs. 

I have seen deals that make sense where the General Partner(s) took 60% but because of the pref rate and the equity split the LPs had a nice return and were happy to invest. 

People are not able to get lending.3 sentiment fuelling itself4 gov limiting forgien investment.( Particular China.That's has caused a current drop in prices 7 - 10%The thing is amazing as it's very controlled to watch.Our inflation is lower than target rate of 3% now hovering at 2.5%.Our cash rate is historically low at 1.5% .The RBA trying to stimulate growth.Unemployment rate at 5ish %.Population growth is ridiculous.We are going through a slowdown in the housing market at the moment.The economic fundamentals interesting to watch.Plus the audience dollar is good hedge to the global situation.Culture of Australia is that everyone what's to own there own home. 

I was thinking of allocating the profit share in a way that was 50/50 but put the LPs at 19% to avoid this, but it I would feel weird being an LP in the structure.

I just think someone should not expect to do it in 5 years.You're clearly a smart dude asking these questions, stimulating critical-thinking discussions.