1) Some people here commenting that you should do this with family/friends. Certainly can work but people change with time. Much better to have a formal structu

1) Some people here commenting that you should do this with family/friends. Certainly can work but people change with time. Much better to have a formal structure that will work with strangers. This will inevitably happen in case of changed circumstances of owner or family of an owner (death being the worst case. Unfortunately, most who use \a formal structure get it written by a lawyer who will not anticipate potential problems. 2) This sort of scheme should not be looked on as a financial instrument. Should only be seen as a discretionary/leisure purchase that must have use/enjoyment as its #1 priority. Having said that, we just sold the Lake Tahoe property of our first syndicate of this type after 40 years, and showed a decent rate of return after ALL costs were considered, and great vacations all that time. We had multiple changes of shareholder during the that time - almost all by word of mouth, as well as some founders in at the close. Key was getting the right agreement before getting too enthusiastic about a specific property.