Done it, doesn't work.
Although we had a clearly defined arrangement, my partners (couple) were upset when I wanted to sell.
The deal had been: if someone wanted out, the other person can buy the other party's share or the boat would be sold.
My partners couldn't afford to buy my half and were left boatless (blaming me for it).
Another problem was sharing maintenance, I had been doing all mechanical work and maintenance, they'd been doing waxing etc (hard boat). They were hinting that I should be helping with the waxing etc. while I was quite certain that I was spending at least the same amount of time with the mechanics (they had little appreciation/understanding of the work I was doing).
We had both owned boats prior to this arrangement.
These people had been close friends , I'd been in their wedding party etc. We haven't spoken since. (It's been just over 7 years)!