I can tell you that, although some tenancies-in-common seem to work just fine, I was recently exposed to one that decidedly did not. The short version is that there was no protection against the following: members who stop paying their share of the mortgage and other expenses, members who sell shares in their interest without any regard for the tangled mess this can create for everybody, members who take out a second mortgage, ostensibly on their share but which results in a legally binding debt obligation for everyone, and members whose poor stewardship of the land brings regulatory pressure on the whole group. And they all hate each other if that's not obvious. So I, myself, would be very leery of this sort of arrangement, especially since it took 15 years for this one to unravel so horribly.
I can't renounce my name. It's on all my stationery! And hinted in this tiny ad:
Dave Burton's Boot Adventures at Wheaton Labs and Basecamp