Hi EFrechette,
Based on your description, my understanding is you wonder the file can be read and edited by multiple users at the same time.
Read-only recommended option you set in Word wont let reviewers to modify the content of file. Making your document a read-only file means that the document can be read or copied but not modified. If one of the reviewers tries to make changes to a read-only
file, the changes can be saved only by giving the document a new name or saved to a new location.
In order to get what you want, I suggest you use Restrict Editing
option in Word, it allows us to restrict the user from editing & formatting documents created by Word. Please refer to this article, and with the following simple procedure to set the editing restrictions of a Word document.
http://www.c-sharpcorner.com/UploadFile/8ea152/set-and-remove-editing-restrictions-in-word-2013-documents/
Please Note: Since the web site is not hosted by Microsoft, the link may change without notice. Microsoft does not guarantee the accuracy of this information.
By another method you can post your Word document online, everyone on your team can open it and make changeseven at the same time. Please refer to this article to get more information:
https://support.office.com/en-gb/article/Coauthor-documents-anywhere-ed0cf685-f619-4d54-9c42-a61c8795c87f
If my understanding is incorrect, please be a bit more precise explain your requirement so that I can get more accurate solutions to this problem. Im glad to help and follow up your reply.
Hope its helpful.
Regards,
Regards,
George Zhao
TechNet Community Support