View the IRA/401k as an entity that is independent of yourself over which you have authority.Prohibited Transactions: In general, you - as an individual - you should not be a party to any transaction to which your IRA/401k is a party; you should act strictly on behalf of the IRA/401k. 

We are initially looking to use 3rd party funding, but we are establishing a lending company that will use private money to fund 1st and 2nd mortgages to our flip and buy and hold companies.

Auction (the sale of the property at the courthouse steps or in an attorney's office to the highest 3rd party bidder)3.

Either way there are some things you should definitely include: The split of profits, the roles that each member will have (be very specific), what happens if you lose money, what happens if one person wants to get out of the partnership, what happens if either party doesn't hold their end of the bargain.

Best part is you get to vet them :)

Other things I think might play a part is that I'm in SoCal, so I would assume traveling professionals would prefer to spend more of their leisure time exploring so many things that are close to us, so hopefully not always dealing with 7 people in the house. 

This is where the negotiation skills of both parties come into play.

For purposes of determining the reporting thresholds, you must aggregate gifts received from related parties.

If that is awkward to address, consider getting 3rd party management and it will be business as usual for them.

If you decide to have the claim adjuster give you an offer, and you feel it is not a fair amount, you can ask to have a 3rd party appraiser value the property.