What are the tax consequences of transferring a property from a two member LLC to one of the owners?

My partner and I currently have a two member LLC. We hold one small property in the LLC, which is fully paid off and on which we currently have about $5000 of loss due to renovations. We would like to transfer the property to either one of us, in our personal name. Is it possible to do this transfer tax free? The LLC is currently taxed as a partnership.

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Basically,. the multi-member LLC will be closed. In the process of doing that, the parntership must dispose of all assets either by selling those assets, distributing those assets to one or more of the members, giving the assets away as a gift (may require a gift tax return you be filed separately) or some other method if disposition of the assets of the partnership.