Maybe the five of you all agree to cut a check for your 20% share.  

If you want to be stacking checks then you would want to lean into fix and flip or wholesale.

How do you let the applicant know that despite paying for the credit and background check them may not be choosen without making it seem like it is a personal thing?

I'm not familiar with that specific term, but if you are looking for information on foreclosures, check out something like dealmachine.

Conventional tends to be better in rates, but it's good to check as this is not always the case depending on your qualifications.

Last I checked it did not have any, but worth a look now.  

I will just always check HOA doc before even think about buying when I'm buying to rent out, long term or short term.

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will check out Turno.

Account ClosedMakes sense and great suggestion on checking out the NationalREIA.org.