You just need to keep a record of all contributions and distributions in the capital account ledger of each members.

Its simply a mechanism for allocating property distributions and tax attributes in a manner other than a simple pro rata approach.

The "loan shark" and the "con man" technique can be equally effective.... you get what YOU want....

In addition to being taxed on the distribution you would have to pay the penalties, in some cases depending on the amount and tax bracket I've seen folks lose 40-50% of the amount they pull out.

I am considering "house hacking" technique but haven't found the right property yet. 

Offer them the idea to start renting their property on Airbnb and you can be their Co-host for a percentage of the profits (automatically distributed on app).

Can I average out the electrical bill for all 7 and make them pay 1/7 of the bill or... let's say the bill is $700 usually, can I put in the contract that anything over $700 is evenly distributed throughout each unit?

Warehousing and distribution is growing in that area with there being a Walmart and Lowe's distribution center there.

Each one will be asking you to open a line of credit with them first, and no one will tell you if it's because of this, or if it's purely a sales technique. 

Concord and that little airport and the Amazon distribution facility have got to have created some SFR buy and hold opportunities.