@Mike9241 thanks for the advice.
Option 1) I'd rather avoid. Option 2) seems more reasonable.
About IRC Section 754... Wife and I own(ed) the property equally, 50% each.
For simplicity, we each plan to contribute to the partnership 50% of the property basis.
As the only LLC members, we each have a 50% ownership interest in the LLC - profits, losses, etc.
With that in mind, is the Section 754 declaration you mentioned still required? Optional? Does it apply to the partnership's federal or state return ?
