I created a partnership a couple weeks ago, but we haven't really laid out all the details because we are both open to any good deal in our tough market here in Southwest Colorado and Northern New Mexico.

The partnership agreement is to hold the property for 5 years and then sell, and pay back each equity partner their original contribution, plus their percentage of equity.What I am wondering, is there is a way to keep the property instead of having to sell? 

You can do it if you're a sole proprietor (no entities), if you have a single-member disregarded LLC or if you have a partnership, but partnerships require special formalities set up in advance.Even if you could avoid reimbursements, it is really cleaner to do them anyway.

Given how many new investors there are on BP and how they may not be able to bring anything but capital and enthusiasm to the table you should have opportunities for partnerships. 

I don't see were a two member LLC has any bearing, think about all the partnerships out there that buy assets.

I know that Nevada is a lot more friendly as far as taxes go, but am not sure if her living in California would be a factor for just her, or if it would impede on the business partnership/LLC/etc, even if it's formed in Nevada.  

If you are truly going like for like and your selling in a LLC that just has one thing and that LLC will own the new thing it’s probably the best vehicle, but if there are more layers to the transaction or partnerships etc it gets messy fast where cost seg is clean, yet has its own downsides.

You can use other people's money (OPM) and this can include hard money, private money, other investors, and partnerships.

If you seem to get any pushback on the out of state investor piece, a local partnership on this deal may be an option. 

Also open to partnerships if anyone is looking as well as finding an experienced investor-friendly agent!