I would not buy in an HOA in a SF unless I get something like a beach membership. 

I forgot to add: If you are looking to preserve anonymity you could create a Nevada LLC that holds the membership interest in the California LLC.

That only comes with the MLS/NAR membership. 

So we will need to rework our LLC membership this year to avoid the tax next year.I think your only option would be to stop using the LLC or find a creative way to structure the ownership (only 95% needs to be family-owned).

Overall, as a FL attorney, I agree that for asset protection (and possibly estate planning) purposes, holding title to real property in an LLC, in whatever membership configuration, is a wise choice. 

I have started watching the webinars and listening to the podcasts and will get the pro membership after I finish a little research about my area.

Come to the first meeting as my guest for free.Check out the website for more information:  professionalinvestorsguild.comThe networking opportunities from PIG membership is priceless.  

But the individual members could not do an exchange on their membership interest.  

However if you want to do anything on-market and self-represent you will not have the right MLS or association memberships to access properties in Sac/Fresno and would need to get a Co-op setup with those associations too. 

Sell the residents a yearly membership fee to go to the park?