In Mi, many people co-own vacation property on Lake MI and/or the many beautiful inland lakes. Of the people we've known who do this, it has worked well, but they split their time, as opposed to vacationing at the same time. Hub's sister and BIL co-owned in Chatauqua, NY, for many years, splitting time and also renting the place out the rest of the season. When the ohther couple divorced, they bought them out.
It can work if the four of you are reasonable people.
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