We play 3.P so my advice skews towards that.

- Loot is generally ID'ed and divided between sessions, via discord. Identifying items in PF is pretty easy even at low levels, so there's no real drama to doing so that would necessitate it happening during table time.
- We have players of varying skill levels, ranging from myself and the GM (veterans) to first-timers and some in-between. The more experienced players usually help the less decide on the best pieces for their build.
- All items not being kept are slated to be sold off. The proceeds are then divided evenly among the party.
- 10% of all currency is kept in a communal stash we call "party loot." Party loot is used for a variety of purposes, such as "I'm only 1k short of this big upgrade!" or "we need diamonds to raise/restore Thorgar" or "we need a new communal wand for out of combat healing."