Simplest idea in my mind is purchase a home that you will occupy .

The simplest and cheapest way is through small claims court.

Theirs are the simplest in the process and ....

The simplest way that I would look at it for myself would be to look at my cash on cash return for rehabbing my duplex.

But  it has all the ingredients, great location, safe area, long term tenants, which I met and interviewed each one of them. 

I think Marco is spot on here, but I would also include one more ingredient.

"As is" is likely the simplest and fastest, maybe talk to Seth Teel about that.

As far as division by far the simplest thing is to have everyone contribute the same amount of money and receive equal shares of profits.Even that is not as simple as it looks. 

Then you rinse and repeat.The key ingredient in a successful real estate business is having the ability, the systems and the team to help you find GREAT DEALS.

If your family is open to a loan rather than sharing in the benefits, the simplest way to handle this is to do paperwork for a loan, charging a market interest rate, amortized over whatever period you agree to.