Alanna, co-ownership only works if the "two couples" have all the details worked out in very good detail in advance. I have seen many more failures than successes with this type arrangement. Vacation homes, planes, boats, have all been tried and have limited success. I have seen a few plane ownerships that worked.
A better solution might be to set up a prior agreement where one owns and the other agrees to rent for some pre-determined amount of time (5 years) at a reduced rate. Having a beginning and end established before buying is a better solution.
The problems that arise are first selecting a home, furnishing a home, than setting up who uses when. Every decision made has to be agreed to by everyone. Lets do new landscape, buying a golf cart, painting the walls a different color, anything you want to do requires consensus from all.
Good luck with what ever you decide, but IMHO I think you are going down a dangerous road.
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