Renters Pooling Together to Buy Share of Property

[Chris Fox]

Hello, 

I live in the Bay Area and rent with 5 other tenants. The property is owned by a family with three siblings each with an equal 1/3 share. One of the brothers wants to sell his share. 

We (tenants) have begun discussing making a bid to buy out the brother's 1/3 stake in the property.  At least 3 tenants are interested in making an offer. 

How would we go about making a legitimate offer? Would we group together as an LLC? Would we apply for 3 separate mortgages?

I can think of plenty of Cons in this situation but this is in a prime Bay Area so I want to see how feasible this is. 

Appreciate any feedback.