It doesn't matter whose name the property is in, the LLC is set up to manage the property, so the two of you can be partners in that. You do need to prepare the partnership return 1065 along with the rental schedule 8825, reporting all the income and expenses of the partnership. When you are done, you will generate a schedule K-1 for each of you, which will report your share of the partnership net income or loss, that you will then use to enter that amount on your personal tax return.
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