@Kelly McE I can't contribute to your question at all but would you be willing to share some ballpark numbers?  

So I went online and found people saying conflicting things If I can do this, can I also add the annual IRA contribution?

You could then contribute the asset into your fund after the holding period. 

Does one person typically pull financing for the deal and other partners contribute cash for reserves/downpayment ect?

I am in the middle of a couple rehabs right now which will hopefully contribute to another couple rental purchases this winter.

"Invest, investment, contribution, profit, yield, rate of return, loan, lend" in other words, financial/investment terms.You can say "we are in the real estate business and finance transactions that are profitable" that is not asking for anything.

Most are very hard working people who make very valuable contributions to society.

I opted to go through a turnkey provider as I was willing to sacrifice a bit in the way of profits if it meant a greater chance at getting my first deal under my belt.After the mortgage, management fee, insurance, taxes, and maintenance reserves, cash flow is about $180/month, which equates to about a 10% annual cash-on-cash return.Thanks to everyone who has contributed here over the years as I'm one of the many beneficiaries of this fine community!

So my goal right now is to learn a little more, make some connections, and develop my plan over the next 2 weeks and then execute my plan by locating and finding my first property and just get started.I am looking forward to connecting, learning, and contributing to this great group and profession.Thanks,Jeff

Therefore, if it were me, I would draw up a new lease and require every person sign the lease and contribute to the security deposit.