If your property was advertised and available for rent on 1/1/2019 instead of a date in 2018, then you will not report anything with regard to the rental property on your 2018 tax return.
Instead, you will begin reporting it on your 2019 return. When you enter the information about the property itself, you will enter the purchase date, purchase price, and the cost of improvements made to the property between the time it was purchased and made available for rent. The renovation cost will be included as part of the basis for the property and will be depreciated.
If you purchased the property as part of a formed partnership requiring that a Form 1065 be filed, then you will each have a K-1 to enter into your personal return reporting your share of the rental income and expenses.
If you four are simply sharing all income and expenses equally, then you would each report 1/4 of every income and expense item on your personal returns.
If your property was advertised and available for rent on 1/1/2019 instead of a date in 2018, then you will not report anything with regard to the rental property on your 2018 tax return.
Instead, you will begin reporting it on your 2019 return. When you enter the information about the property itself, you will enter the purchase date, purchase price, and the cost of improvements made to the property between the time it was purchased and made available for rent. The renovation cost will be included as part of the basis for the property and will be depreciated.
If you purchased the property as part of a formed partnership requiring that a Form 1065 be filed, then you will each have a K-1 to enter into your personal return reporting your share of the rental income and expenses.
If you four are simply sharing all income and expenses equally, then you would each report 1/4 of every income and expense item on your personal returns.