Group partnership: :

[Wendy Hernandez]

How do you divide the profit if its a group of 4 ?

How do you file the taxes?

The LLC would be shared amongst all?

Im new to all this and want to understand these things to go over it with my group.

[Will Barnard]

@J Scott provided you great advice, I would follow that. 

@Greg Dickerson also gave great advice. A CPA AND attorney would be of vital importance here.

Additionally, your intent with the property will play a huge role in what entity you form and how it is managed. Consult with your professionals on this, don't skip that step, the cost to hire them is much less than the costly mistakes later.