He wants to avoid taxation of selling it and he wants to put it in my name sooner rather than later, but would still appreciate being repaid for it. 

In fact, unless you specifically opt for corporate taxation (and risk higher taxes, though there may actually be ways to save money here), the LLC is specifically designed to be a "pass through" entity as far as taxes go, right?

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

Now, if you grow terribly bored with your present workload and want to immerse yourself in Canadian taxation ... or maybe just taxation concerns for Canadians playing the U.S.A. sandbox ... 

I don't know any specific Texas rules for setting up an LLC and taxation, but I believe the federal filing process will be similar.  

The LP structure allowed for limited liability for investors, as well as a tax advantage in the form of pass-through taxation.

If you are not really creating income with your self employment, that will be a non-factor.The fact that a Solo 401k eliminates Unrelated Debt Financed Income taxation (UDFI) on leveraged real estate investments is nice, but the reality is that UDFI liabilities are generally not that significant for most IRA investors.  

There are 20+ CPAs and accountants on this site that specialize in real estate taxation.

If you use the money to properly buy real estate, then the returns you get on that money will greatly outweigh any "double taxation" you pay on the interest.

Furthermore, depending on the nature of your business and your personal marginal income tax rate, holding real estate in a corporation could very well result in higher taxation than holding real estate in your own name.