With the property in an LLC, if someone were to sue the property, they could only go after the assets in the LLC and not anything else (again assuming you did not guarantee anything personally and the corporate veil has not been pierced).

Yes, you have to have at least 2 members or an LLC can easily be pierced. 

The general sentiment that I see on forums is that they have to accept whatever path or outcome that a GP chooses, which is not correct if the majority of LPs are with you. when I worked for syndicator in the 80s thats what happened to them LPs revolted and kicked them out as Gps and took over.. of course this did not solve the issue just prolonged the agony and the attorney they hired milked it big time.. a few years later after capital calls etc all was lost anyway.

This means that you may need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

There is a legal doctrine called "piercing the corporate veil" in which in certain rare circumstances, a member can be found to be personally liable.

It will be pierced if you don't take care of issues pronto.

LLC veils can be relatively easily pierced and if they are pierced they you wish you had opted for #1 above instead of the LLC.3.

This helps to avoid co-mingling of funds, which can be cause to pierce the corporate veil and undo your limited liability in a lawsuit situation. 

As a side note, there is a common (incorrect) believe amongst investors that entity protection is not worth it because a good plaintiff attorney can easily “pierce” the corporate veil”, meaning get the court to agree to declare you as personally liable as an “alter ego” of your entity.  

Quote from @Mariah Pierce: I would like to move some of my retirement money to a SDIRA account.