its like you found soul mates, that's hard to find happy house finding

2 masters
 

Bedroom issue can be resolved by designing the house with two masters.

This can be done on new designer or re-sale by remodeling.

But it is easier on a new build with the right floor plan to start.

One example is the Ivy the two from bedrooms can be redesigned into one, then one master in in the rear one in the front with a bedroom inbween for more privacy.

I'm sure there are others that lend themselves as weel.

Go for it!. We've partnered with another family on 2 vacation lake homes over the years. Never had a problem even including a combined 7 children.
In fact, 2 of the son's families (one from each side) have combined to buy out one of our properties and continue using it with their 2 families.
One word of caution, you really have to know and trust your partners whole families to make it work!

From the business end I suggest that the property be held in a corporate-type of entity so that you are isolated from liabilities that could arise from the property itself or the the actions of your partner family (i.e golf cart accident in joint owned cart). AND BUY ADEQUATE LIABILITY INSURANCE

I would also include a "drop dead" buyers clause in your agreement. If you decide to sell or break up the partnership and one partner wants the property, an offer is made, but the other party has the right to buy that propery from the offering partner at that price and terms, no negotiations.
It is amazing how fair that offer becomes when the offerer has a good chance of losing it. And, it avoids appraisers, legal fights, etc.

To your future partnership!:beer3:

Good advice Jim, thanks!

The real test for your friendships will come when four people have to decide what upgrades you want in your new house. Spending as much time looking at homes and talking it over while vacationing next year would be a good starting point, then when the time comes to build, you'll know what you want.

bingo!

We have already had those discussions, and even priced out a few options on a designer Zinnia with our agent. When looking at resales we almost always agree on whether it would be a possibility at the right price if we were in the market. If anyone does not like it we will not buy it.

Split ownership
 

Yes...we did it with friends. The agreement was everything was split down the middle for expenses and if one person wanted out...the other could either buy them out or we would sell it. As this was not going to be our "forever" home, none of us were ready for retirement, we opted to make this purchase for our future vacations here until that time. We did place it into Property Management for a while but we were not thrilled with their policies. We actually had to pay them money to use our own home. We went with a private property management person who did not and her percentage for managing was almost half of TV. After two years, we agreed to sell the home.