I also open up Airbnb and/or VRBO so that I can cross-check the properties. 

If it's just a standard rental, then go with the shower curtain. 

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

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?

2 of the other investors are sharing property management responsibilities (and are being payed standard property management fees split between them).

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

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

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

I have done things with attorneys, CPAs, stock brokers, insurance brokers and others successful in business.General business knowledge, understanding of financing requirements, knowing property valuations, maturity in personal financial matters to give general advice, understanding of the foreclosure process, legal aspects as to liability in leading someone into financial matters, fully understanding fraud issues and the differences in a general matter where fraud might be applied as generally thought of and what may constitute bank fraud causing or even attempting to cause a loss to an insured bank having different standards.

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