If 10 of us can each fund 1/10th of 3.5% down 10 times, that means each of us individually can put 3.5% down on our own property that we own ourselves. 

Not necessarily up to the individual states any more.

This part seems straightforward enough, but we aren't really sure how to manage any income, losses, or expenses that would occur as a result of us owning the property come tax season.My first thought was to organize a two-person LLC with an equal split just to simplify the finances - with any proffit or expeness split 50/50 and taxes passed on to the individual members.

But that is an individual choice.

We've put ads out and had one individual show some interest.

Hi, Still learning the ropes and digesting but I am looking for confirmation to help drive this through my head...In the below article, David talks about financing a BRRRR is optimal without the traditional loan. https://www.biggerpockets.com/blog/brrrr-strategy-real-estate-investingBeing a newbie investor with only $10-20k in the tri-state area, I would need to either go to a PML/ HML or come up with creative financing (i.e. raise the money of individuals on my own by convincing people on my numbers)?

Depending on what you are able to network or already have will determine your strategy.Step 3 ) With the individuals or investors estimated to take down a 595k raise in your network, consult an attorney specializing in Joint-Venture or a Securities Attorney.

You'll see the owner (LLC or individual) and where the tax statement is being mailed. 

more less after finally running both of their record both tenant were convicted felonies and all the reference and all the info are all wrong. 

Both properties are single families located in memphis TN Below is a brief summary of each individual property:Property 1: $39,200 3 bedroom 2 bath approximately 944 sq ft.