Is there a way to creatively structure this investment so that the two parties equitably maximize their tax savings and cashflow? 

Talk to your attorney but from what I've seen most recommend incorporating in your home state.Pull up the LA City code re business tax, I think you'll find that while they base city tax on gross receipts (even if you lose money) there is an exemption if you make less than $1mil/yr.  

If this is a problem that can't be solved in the near-term, so be it, but we intend to hold on to the property even if it means getting on the rental wait list - but I hope that won't discourage creative suggestions.Thanks in advance for the advice.

Sure, there are the forums but blogging allows for a creative outlet especially for those who enjoy writing which we never had before on a global scale. 

What would be the best way to creatively work something out to position me to take advantage of the stellar prices right now and set up to pay out more in the next 5 years when I am much better off financially?

However, we already incorporated an LLC and I am inclined to put the property on there?

But the main point everyone misses is how to incorporate your business day to day processes, systems and management into one software. 

I don't think there is a lack of interest in getting shirts . . . there was a lack of creative ideas.

REI requires work, creativity, education, and market research.

Do any of you have creative ideas on how to approach this?