1. Long term capital gain. 2. No change to depreciation schedule

Easy to understand if you think of it as buying/selling stocks of the company. It is just those buyers happen to be existing owners.

Put another way, it is the LLC owning those properties, not any of the individuals, who are the owners of the LLC. Changing owners of the LLC doesn't change the fact the the same LLC keeps owning those properties without any change.

Generally no impact to property depreciation as long as not triggering "major ownership change."

If in California, the transaction has to be arranged with additional care not to trigger property tax reassessment.