The reason I used that method was to be able to put the property in my name or corporation or partners.  

Aha yeah I dont really trust flippers to do the repairs correctly - Even with my own flip I was tempted to cheap out on it but you always pay for it in the end!

Is any of the above, correct?

@Sarah Brown That is not correct.

I'm assuming you're referring to residential (SF and MF) properties that are vacant, is that correct?

I would confirm the other four owners and would not buy there is they were all the same family, it will just be miserable most likely trying to deal with 4 against 1 (unless they all hate each other).Your second concern is valid and correct.

the market is unforgiving right now, and if you buy a random property by looking on Zillow and turn it over to people you don't know to manage, you'll lose money.with respect to your specific question, if the property is safe, clean, and priced correctly, it will rent. but that doesn't mean you'll make money on it. 

@Dennis Boettjer - everyone's comments above are correct. 

Look for property for sale with the correct zoning or that you can get a variance4.  

@Josie Sandoval, correct, this is very common.