It just allows either partner to give reasonable notice they desire to leave the partnership then the assets can be divided or sold, liabilities paid/divided.

Factoring in liability insurance with/without a structure, potentially higher taxes with/without a structure, and demolition/deconstruction costs, what is the best financial decision:  tear down (or deconstruct) soon after purchasing, OR leave the structure standing for 5-10 years until I decide what I want to do with the lot?  

@Brian KnoxHi BrianI would form an Llc to protect myself from liability and also obtain liability insurance.  

Think about liability should a fire occur and the fire alarm was not in working condition.

Item to note, the association fees covered the insurance of the building, condo, and common areas, so insurance may not be needed or just a supplement to cover appliances and liability.  

As a licensed agent, I feel that the liability for me is just too high to do that, and I would rather bear the cost of having to pay their agent than to get sued later on.Recently I had a family member who was selling a buyer who received an offer from someone with no agent who also did not want to have a home inspection.

Also, does having the property in an LLC limit liability to just that property for a workers compensation claim?

You are in a community property state so at the time you or your husband apply for another mortgage all liabilities will need to be fully disclosed, regardless of who's name they are in?

My family has a number of properties and we'd like to set up a trust to separate each property for liability purposes.

A Brokerage and the Broker would need to be willing to take on the liability of a listing, even if they are not getting paid for representation, with the hope that another sale may result from a "lead."