To do this right: make a corporation and hire a manager. Dudes buy in and buy out (or lease in and out depending on how you want to run it)
Y'all make it sound impossible, but this is essentially how frat houses are run. They seem to keep going.
I remember buying a video game with my brother when we were in our teens. We paid equal shares, and broke a lot of dry wall fighting over it. I learned early on this concept was a terrible idea.