How to report taxes when Flipping homes under a business entity

[Ross Roz]

I have an LLC partnership with a total of 3 members that was open so we could flip some houses. We bought 2 properties under the business name, paid cash for them in 2016 have not sold any yet, We have spent money to rehab both of them, however I am not sure where to report the expenses for rehab and the cost of the homes on form 1065?