If an entity holds title and you and the other partner own % interests in the entity than you can specify special allocations that are different from ownership % in the partnership agreement/or operating agreement (assuming the entity is taxed as a partnership, and not electing to be taxed as a corporation/s-corp).

Some investors elect not to terminate the right of redemption after the first year in hopes the property will eventually be redeemed at an ever increasing premium.

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. 

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. 

I made some elections about grouping by not grouping as I expanded and didn't understand the consequences (making material participation easier/when passive losses can be harvested/ease of filing) of that at the time.Also random question but do you have a sister Nicole?

Make sure that you use right background check and thorough reference check before getting a tenant.I am also HOA Board President for years. 

I run a Professional Landlord Service in Colorado Springs of which I am the President and may consider providing this service for you.  

This includes electical, plumbing, drywall, A/C, etc. 

And housing affordability is a major factor in CPI which they want under control, especially in an election year.

If your interest only period is only 12 months, but you have tenants that are only renewing for a small increase in rent, or they elect to not renew and you have to get a new tenant in there, the income that property is producing is negatively affected at the same time your monthly loan payment is going higher, creating the perfect storm for a loan to go into default.