Ummmmm... you have a partnership. With six owners, it "is" a partnership at a minimum. All income/expenses for this rental need to be reported separately from any personal tax return, on an IRS Form 1065 - Partnership return. It will still be a SCH E - but it will be attached to the partnership return, and nobody's personal return.
For this, you need TurboTax Business, which is different from Home and Business. Using that program to prepare the 1065 partnership return will also enable each owner to be issued the appropriate tax reporting document for use on their individual personal returns. If I recall correctly, (and I may be wrong) what each owner is paid can be independent of their ownership interest in the partnership.
Note that TurboTax business is not available as an online product. It can only be purchased on DVD, or as a CD/Download that after downloaded has to be physically installed on a computer. TurboTax Business is available for the Windows platform only. It is not available for MACs.
