For those considering the Caribbean, the USVI offers the same fee simple ownership as the mainland, thus reducing risk. 

Your protection is language in your purchase contract requiring the deed provide you marketable title in fee simple and a professional title search and title insurance to cover you.

Is it as simple as setting up an llc on zen business or should I hire an attorney? 

Here is a very simple, LEGAL way to do this all Andrew.

If you are just starting on your journey, it is best to start simple and then add complexity with experience. 

With a Godaddy domain, you can create a simple website for $6.99/month.I am a website designer/developer by day and real estate investor by night.

Simple and fair.First month received that $200 and was distributed as above, Everybody happy.

AS for structure and if you guys come to terms.. its simple for you siblings to simply be co beneficiaries of the note and mortgage.. 

The Buyer agrees to use commercially reasonable efforts to secure such financing within [Number] days following the execution of the PSA.Closing DateThe closing of the transaction (the "Closing") shall occur on or before [Proposed Closing Date], or such other date as may be mutually agreed upon by the parties in writing, subject to the satisfaction of all conditions precedent set forth in the PSA.Condition of TitleThe Seller shall convey to the Buyer good and marketable fee simple title to the Property by warranty deed, free and clear of all liens, encumbrances, leases, tenancies, easements, restrictions, and other exceptions to title, except as may be expressly approved by the Buyer in writing.Property DocumentationThe Seller shall deliver to the Buyer, within [Number] days of the execution of the PSA, all documents and information relating to the Property in the Seller's possession or control, including but not limited to, title reports, surveys, environmental reports, leases, service contracts, permits, and warranties.Non-Binding NatureThis LOI is intended solely as an expression of the mutual intent of the parties with respect to the proposed transaction and does not constitute a binding agreement, except with respect to Section 9 below.

@Felix PiperIf everyone is truly active, it can be a simple joint venture.