My husband’s family had a summer place in upstate NY that was bought at the time by his grandparents and a few siblings. Once that generation passed away, it was nothing but trouble and fighting as the younger generation(s) could not agree on anything. They couldn’t even get a clear title to sell the place, as there were issues with heirs. In the end, they stopped paying property taxes and the property reverted back to the state.
For this reason, I wouldn’t recommend buying property with relatives or friends.