We have 2 iphone 4. Not upgraded to OSI5. We share the same Apple id to buy, etc. How can we set up the same Apple id but a diiferent icloud id and still see both iphones on find my iphone?

My wife and I both have iPhone 4 phones. Neither of them have been upgraded to OSI 5. We share the same Apple ID to buy things, etc. We are planning to buy an iphone 4s for our daughter next month. We would all like to share the same Apple id so that we can make purchases from the same account ... that way we only fund one account. We would like to upgrade to OSI 5 and keep/share the same Apple id but be able to set up different iCloud accounts for when we sync our phones. How can we do that? One other thing, we like being able to fine our locations on the same screen (and would add our daughter) using Find My Phone. Can we still do that? Thanks in advance for your help.

You could and should set up different iCloud accounts in "Settings > iCloud", so that every user has its own email account, calendars, reminders, notes, storage for backups and app data (files etc.), by the way everyone could also use his own account for iMessage (Settings > Messages > Send & Receive) and FaceTime (Settings > FaceTime) so that you all could write and call each other.
Next the Apple ID for music, apps and other media: You all could just set up the ssame Apple ID in "Settings > iTunes & App Stores" for all your media purchases like songs, movies, apps etc.

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