between the three of you, I'd also have an agreement outlining responsiblities and "shares", and any applicable process for one or two partners buying out the third.

This can be done several ways, but most commonly through:- assignment of lease doc signed by seller which outlines the monthly rent, security deposits, lease term, utilities owner/tenant are responsible for and if the current tenants are up to date with rent - estoppel agreements which basically have the same info as assignment of leases, but the tenants verify and sign off to all of the info- copies of current leases which should match the info outlined in the assignment of lease and estoppel docs

Let me start by quickly outlining my goals/strategy.

Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much. 

I want to be as detailed as possible to outline my criteria for the home search.

Welcome to the site @Prima ServYou should contact an attorney to create an LLC along with an operating agreement that outlines shares, profits, duties, contributions, triggering events for changes, what happens in a death or bankruptcy etc....

She's been in the business a looong time, too and she outlines some really good examples of this very thing.

@Josh Welch I would have a rental selection criteria outlined and printed with applications, explaining what you will be doing; first come first serve, or all applicants will be processed and the most qualified  applicant will be selected. 

Any real estate instructor can give you a basic outline for any residential deal you might be interested in.

Stacy, would you please (generally) outline your hard money terms here?