If yes, why not just have that member contribute that cash to the LLC, pay off the loan, and you members change the allocations / distributions to allow the higher contributing partner a method to get back his excess contribution at a faster rate than you.Or, is it neither of you have the cash, but you think a bank will lend to one of you to purchase it outright in your individual name?

I would argue that the extra cash would better be allocated towards additional properly leveraged investments.

(Land allocation ignored for simplicity.)At the exchange time, the $30k does not bite you back (again, the reality is more complicated), however you cannot depreciate $120k from the new property.

Could anyone provide me with any tips or advice on how I should go about allocating funds for the purchase of the aforementioned properties? 

@Anand S.Selling in California, allocating funds to out of state super discounted deals

If you can find a property to allocate that 225k to (after taxes) that can produce a cash flow greater than or equal to your loss, than that would be a great move!

The tax professional you work with needs to adjust his allocation as close to that $250K of profit as they can legitimately.  2.

It's called "special allocations" and they need to have economic substance other than tax savings.

For instance, if you're a sales representative for a tech company, you allocate enough time to prepare for your product presentation, make calls to leads, and follow up on emails.

The flips that I do is also doing good although haven't reach 500k level yet lol lol, but yea since you know the trick, maybe in your business you can allocate certain fund and activity towards more flip , lets say 80% and the remaining 20% for cash-flows.