You do not have starting balances unless you been conducting activity previously. You will enter the purchase direct from the HUD-1. I use a journal entry for the entire purchase. Start at the top of the buyer side. Enter purchase price as a debit to a Fixed Asset account for the property.
Then enter closing costs, most of which increase the asset. Only direct loan costs can be amortized over loan life instead of property life. If this is residential rental the building portion is depreciated over 27.5 years. If commercial rental 40 years.
Some costs such as prorated utilities and taxes are pisted as expense.
Those were the debits, now credits are any loans and cash at closing. Treat your partner equity separately as they deposit funds into joint banking to make the purchase. If instead each partner brought their own check to closing you record those in the settlement journal entry as member contribution.
You need set of equity accounts for each partner, a master non posting but summing Equity account and three sub accounts each. Partner Equity, Partner Contribution, Partner Draw.
You also need to adjust the basis , asset value of purchase, by splitting out anything for accelerated depreciation (furnace, appliances, parking lot, etc) and allocate between building and land. Use Tax assessment to determine percent to call land which can never be depreciated, and building, which can. If this is a flip you probably won't depreciate at all during hold period since your profit is all regular income and rarely capital gains.
This should get you started.
