Definitely not! The LLC is not legally a partnership, and not treated as such for Canadian tax purposes. It is a corporation for Canadian tax purposes. Assuming that the other 80% is held by unrelated US residents, you would never report any income from the LLC except to the extent of actual distributions. In no case, could you report any loss in Canada. If you pay US taxes in connection with the LLC income, you may claim a foreign tax credit in Canada, up to a maximum of 15% of distributions in the relevant year. Since the LLC is a “foreign affiliate” corporation for Canadian tax purposes, you need to file form T1134 annually with the CRA.

To add to Michael’s great comments, just want to point out that any distributions you receive from the LLC are regarded as dividends from a foreign corporation for Canadian tax purposes. As such, no tax depreciation (CCA) can be claimed to shelter the dividends from the LLC. If the LLC does not distribute income to you in the same calendar year that the US tax liability arises, foreign taxes and foreign income may be mismatched and double taxation may arise. Moreover, as Michael mentioned, the US taxes paid, if any, that can be claimed as foreign tax credits to reduce the Canadian taxes payable is limited to 15% of the distributions. The balance may only be claimed as deductions. Thus, there is always some double taxation. Generally speaking, it is not tax efficient for Canadians investing in US rental properties through LLCs.
If you have not done so, you may also want to seek comments from US tax advisers on the US tax considerations.