You would only have one partnership return. I assume you are renting both boats out. In order for either activity be considered active, it would mean it was not a rental activity.
For that, you would have to provide substantial services to convert the activity from a rental to an ordinary business. This would be a situation where you provided daily cleaning or meal preparation, or a captain to pilot the boat. Like a Bed and Breakfast for instance, you are renting a room but providing enough services to convert it from a rental to an active business. So, if you do that for one of the boats, you would report that as ordinary income and the income or loss would appear on line 1 of your schedule K-1.
For the other vessel, I assume you are just allowing someone to rent it and they are on there own until they return it to you. That would be considered a rental activity and would be reported on form 8825 and the income will show up on line 2 on your schedule K-1.
Thus, you would have active income (line 1) and passive income (line 2) reported on the same K-1 and partnership return.
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