"I just put the building (no land) in to depreciate the 855000 and the 201k as owners capital on the balance sheet distributed between the 4 partners, correct?"

No. Once again, you are skipping steps.

Capital into the entity is Step 1. Until they have money, they can't have done anything. And you don't "distribute" or Split it. You would have how much each person put in. They formed an entity. Now, by putting in their funds, they empowered it.

Then, they take an action. In this case, they bought real estate, so stop here and figure out this asset event accordingly.

Next, how did they get it?

Part A = they used the entity Cash.

Part B = they went into Debt.

Two parts.

It should all balance.

No, you don't depreciate the total Cost. Again, you have to handle the assets appropriately. And depreciation is not an Assumption. For real estate, it depends on what was purchased and how it is used, or is it even in use at all?

I think you need some mentoring. This is a great project to learn from, because it likely isn't as complicated as what you might run into later in your career.