It was 1991 and we pooled money from 10 people. The house was super cheap ($60k) and in a very depressed area (Attica, Indiana). The seller was a person and not a bank.
I was the 'owner' of record. The others held rights to the house by agreement with me but all the responsibilities were mine.
The others could have just stopped paying 'rent' and I would be stuck with the full mortgage...or I could have just sold the place and walked away with everything.
Definitely an exercise in trust and mutual self interest.
