Yes, if income is being received for the property and the partnership does not own it, then only the owner can depreciate the property. If that is the partner then they will likely have to calculate that outside of the tax return then enter the net result as income. A partnership agreement must still exist.
If it is owned by someone who is not a partner, then again legal documents and agreements between the property owner and the partnership must exist. Legal advice is recommended so that everything is set up properly in your situation.
As a reminder, the mortgage interest is a deduction for the owner, but the partnership must have an agreement as to what those payments represent to the owner before a deduction can be taken. Principal payments would not be allowed since the partnership does not own the property. The property owner should issue a statement to the partnership for payments received whether they represent rent payments or interest payments depending upon how the agreement is written.
Legal advice is important in your situation.
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