I have many custom posts in my wordpress site. I want to add multiple members but I only want them to be able to do two things in the back end, edit their profile and add posts. However, giving them the ability to edit posts and create new ones also allows the option to add and view all custom posts as well. I only want them to be able to add basic wordpress posts.
If you dont create custom capabilities with your each custom post type, than have all CPT the same rights. You can not change the access for different roles. But you can hide the menu items with the plugin Adminimize, but not change the capabilities of the roles. The default way is to add different capability to each custom post type, see this answer for the solution.