How to do taxes for LLC created to buy "limited partner" shares?

[Adam L.]

So I and 2 friends created a TX LLC for the purpose of meeting a $100k minimum to join as Limited Partners of an LLC that bought a multi-million dollar, 200 unit apartment complex in Atlanta Georgia. We did this in February and split the funding 25/25/50. We are just starting to get distributions, currently sitting in a business checking account.

I'm curious how others have handled taxes on this type of situation.  I'd love to chat.