Fixed Asset Recording using outside funds

The outside funds are income, deposit those funds to a cash type bank account using Other Income as the source account for the deposit
then pay that amount to the title company from the cash account and use the fixed asset account as the expense (reason) for the payment

Building set up I recommend
fixed assets
>> 123 some street
>> >> land
>> >> building
>> >> >> accum depreciation building

Land does not depreciate so it must be accounted for separately

@hosburg1 

One caveat worth mentioning: does the third party (outside partner) have some ownership percentage of the building?  It is only income if the third party provided the funds, they will not be reimbursed and they have no ownership interest.