QB Issue Resolution:

There are two options I would recommend:
1) If you have the Advanced Inventory subscription, you could set up a “Consignment” Location. This will let you use one item that can be transferred to different locations. This would be my preferred choice.
2) If you do not have Advanced Inventory, I would set up an Item called “Cosigned Inventory”. Then create Sub-items under this parent item called “CS-Item Name”. I would start the item with CS to distinguish it from your standard items when selecting them on purchases and invoicing.

Resolution for Issue 'How do you setup items as the consignor? We have existing items that we will be consigning to a 3rd party (our distributor).' available: Yes (Solved).
Source: Intuit Community forum.

How do you setup items as the consignor? We have existing items that we will be consigning to a 3rd party (our distributor).: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for Cosigned Inventory
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