Business & farm

Here are my comments:

1. The partnership agreement or document is not the legal method of dictating what happens to property that it does not own.  You need seek legal counsel on this matter to have this handled appropriately.
2. The LLP will only report income and expenses attributable to the trade or business of the LLP.  Based on the facts, that does not include any rental income since the LLP does not own the property.  Nor would it include any depreciation for property is does not own.  What would be included would be any management fees it charges to "rent" the property or manage the property.
3. You have not accomplished what I imagine the goal was: to avoid including the property rental information on Schedule E.  Since the property is not in the LLP, that will still need to be split between the parties and each will put that information on their respective Schedule E.
4. You should seek some professional tax and legal advice on this matter.  You can easily transfer the property to the LLP.  From a compliance standpoint this will make everything cleaner.  While in general the contribution of property makes the form 1065 complicated, since the same parties own both the LLP and the property, those complexities will be minimized.
5. The other issue that needs to be determined is if the LLP has really started its trade or business in 2018?
6. There are a number of issues that need to be talked through and this forum is not really the best formal to accomplish that.  If the LLP has not started its trade or business in 2018, then a form 1065 is not required to be filed.