You have two questions
What do I do with the code V amount in Box 20? On the K-1 form (instructions to follow below in the second answer), you will get a chance to enter in Box 20 code amounts. Code V is Unrelated Taxable Business Income. Enter the amount in the box on that screen and move on. That box is informational as does not affect your tax return. The next boxes do, however.
Should I include a Line 20 for each of the two K-1 and include specified code amounts for each (depending on if it's real estate development income in box 1 or the residential rental income in box 2)? YES! That is exactly what you want to do. These codes are essential because they determine the QBI deduction on each partner's individual tax return.
Separating how much income and assets attributable to each endeavor is critical for QBI to calculate. Code Z is Section 199A income (income qualifying for QBI considerations on the personal return. Code AA are Section 199A wages (heps to determine QBI deduction when an individual's income is over the phaseout threshold). Code AB is Unadjusted Basis Immediately After Acquisition for depreciable property owned by the Partnership. These codes must be on the individual Forms K-1 for QBI to calculate, and should be apportioned or allocated to the correct business venture being reported on the K-1.
You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528
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