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Investors & landlords
SCH C does not apply here, since this is a multi-member LLC or Partnership. Basically, a 1065 Multi-member LLC/Partnership return is completed and filed.
If the rental income is passive, it's reported on IRS Form 8825 by the multi-member LLC/Partnership. Then the MMLLC/Partnership will issue each member/partner a K-1 with the income/expense/gain/loss information on it. Each partner will enter the information from that K-1 into their personal 1040 tax return.
Take note that the filing deadline for the 1065 multi-member LLC/Partnership tax return is March 15. The late filing penalties are $205 per member for each month late. So file on or after March 16th and with four members you're looking at a late filing penalty of $820.
If the rental income qualifies as non-passive, the form 8825 will not be used for that specific non-passive activity.
Generally speaking, rental income is passive. However, with an AirB&B or VRBO property, if you provide services that are "directly beneficial to the tenant", then it could qualify as a non-passive activity.