Transfer of rental property to an LLC

So, let's say two people are buying a rental property (splitting the costs evenly) and bring a third person on to manage it. The two buyers are putting the downpayment on the property down on a 15 year loan. The property manager will earn his 1/3 ownership over the 15 year term of the loan (once he manages it for 15 years, the mortgage will be paid down completely, and each person will be a 1/3 owner).

The two buyers are expecting for the cash flow of the property to pay the note, so their contribution is the downpayment while the third member is contributing his management services. Is it possible tax wise for the 2 buyers to contribute the property and mortgage to the LLC so the LLC can pay the mortgage directly and all three members can share the depreciation for tax purposes? Or would an acceleration clause in the original loan documents with the bank prevent this transfer from happening since the bank must be notified of title transfers/assignment of the mortgage and might require the loan to be paid down immediately?

I want to be fair to the manager and make sure he gets his cut of the depreciation. I'd think the bank wouldn't care as long as the checks clear. I see it as two people contributing their equity (property sales price minus loan = buyer's basis) while the other contributes his services to the LLC. As long as the mortgage is outstanding, the two buyers are on the hook for the loan (even if the LLC defaults). What says the MB?