For an S Corp, LLC, LP or similar you will do the tax on a K-1 for the split and you will add this into your tax return.

Loosing 1 month of rent (never mind paying commission to get a new renter) would lower your annual return to 5% and 2% if you have to pay a commission to re-lease it. 

Misrepresenting driveway access is a fast ticket to getting sued by the buyer.In addition to the other good suggestions here, I'd suggest a certified letter / return receipt to the broker at that agency.  

By borrowing to buy you are adding risk but increasing your returns.

I would definatly sell now while markets are at their peek.You have almost 200K in dead equity that should be invested and earning a 10% return.

It is where cash goes to die, where the maximum return it earns is the prevailing interest rate.

Cash flow in Norcal is hard to find unless you are paying cash, then COC returns are paltry.  

The property would then be owned by the IRA and all expenses would be paid from the IRA; all income generated would return to the IRA.

@Michael StanleyDepends on your price range and what you want in return.

The investment ratio should be maintained to ensure that each member is receiving its proper share of investment returns.