On the partnership return, the rental will be reported on Form 8825 and the net profit/loss will carry to a Schedule K-1 for each of you to include on your individual return.
It is very possible that the bottom line will not change.
When you showed the rental income on Sch E, you had to show the net profit of the rental on your individual return and it will be the same way now but it will carry into the 1040 through page 2 of the Sch E.
Passive activity limits could apply in a loss situation.
