Yes : compared to statutory condominium ownership, it could be a simple direct way of sharing ownership when the alternatives are complex & incredibly expensive . . .

But better think carefully, hire competent legal expertise, and do the homework.

Nov 6/17 Law Times “Co-ownership requires legal care” by Marg. Bruineman http://www.lawtimesnews.com/author/marg-bruineman/co-ownership-requires-legal-care-14851/

( A classic real property co-ownership is a Building Scheme, but Ontario has nothing like Florida's Chapter 720, howsoever compromised. It's a pre-condo Wild West. But it CAN function, if one is willing to patiently suck up degrees of frustration & even of illegality.

My own - for example - right now is dominated by those who think that they are NOT bound even by specific Provincial property laws nor by Covenants on title. Nor that the stakeholder majority would be best served to get legal advice - " How are we supposed to know that we are breaking the law ? " - an actual quote . . . Sounds exactly like some condo scenarios . . . )

The big caution is really no different from condos, stratas, syndicats, co-ops etc : if these scenarios "go bad" they can REALLY enter a Twilight Zone of toxicity & dysfunction for years. . . .

2017 has seen some huge Building Scheme decisions in Ontario including Black v Owen from the Ontario Court of Appeal http://ontario.cafcor.org/index.php?option=com_fireboard&Itemid=46&func=view&id=18704&catid=2 )