In this article, we discuss methodological opportunities related to using a team-based approach for iterative-inductive analysis of qualitative data involving detailed open coding of semistructured interviews and focus groups. Iterative-inductive methods generate rich thematic analyses useful in sociology, anthropology, public health, and many other applied fields. A team-based approach to analyzing qualitative data increases confidence in dependability and trustworthiness, facilitates analysis of large data sets, and supports collaborative and participatory research by including diverse stakeholders in the analytic process. However, it can be difficult to reach consensus when coding with multiple coders. We report on one approach for creating consensus when open coding within an iterative-inductive analytical strategy. The strategy described may be used in a variety of settings to foster efficient and credible analysis of larger qualitative data sets, particularly useful in applied research settings where rapid results are often required.