I was trying to incorporate the higher rent that I'm currently paying as renter but which wouldn't be paid if I moved into one of those units into the equation.  

In addition to updating fits and finishes.As millennials age we will probably see migration to the suburbs anyway, but Gen Z is right behind us to continue to rent in the more trendy areas.New construction at the higher end may have more offices incorporated into them, it's difficult to say.  

I know it is safer to incorporate then to own property in your name, but how do you do it?

Incorporating is just an administrative step, finding financing is a critical step.

Turnkey provides us with a really great product, cash flow, and is able to be incorporated into a busy schedule.  

@Ashley Abramson,It does, and the language is somewhat reminescent of a standard inspection narrative, BUT I'd recommend someone licensed for foundation work (if relevant there), etc do the work, that puts you in the right and takes some of the liability off you.

Incorporating a holding company offers certain benefits.

I would like to incorporate and am based in Los Angeles.

Got lost in the narrative. (5) words or less: what do you need?

As a partnership, you will have to file Articles of Incorporation as well as an operating agreement that details how exactly the partnership will work (is it 50-50, 70-30, etc.), what the division of responsibilities will be (who manages day-to-day operations, who gets to make major and minor decisions, etc.), and how profits will be divided.