We (married couple) own a rental property in California. The mortgage for the property is on our names. We have set up a California LLC. We want the LLC to own the property to reduce personal liability. What are our options?

You will need to refiance in the LLC name, or incorporate and put it all under the corporation. As long as the paper trial ( mortage) goes back to you as a person, then liablity can follow. Their may be some ways around it, but it will require an attorney