"Homegrown" Investment, buying "stock" in investment property

[Account Closed]

Hey BP, recently came across an investment opportunity. The owner expressed he could sell me stock ownership in his property I am living at. Much like a public stock, essentially the owner sets the stock price at what he thinks the home would sell for today. So if it is a $500k home, I happened to have an extra $5000 laying around the house I have the option to purchase 1% of the home. That being said since I have 1% ownership I am now responsible for 1% of taxes, insurance, repair, etc. also would be entitled to end of the year dividends as property value grows.

Has anyone ever heard of such a thing? In a hot market wouldn't it be a lot smarter to buy shares of a house versus putting into a bank savings account at .001% interest?

Looking for all angles at pros and cons of this. Only one I can think of off the top of my head is that the owner and share holder have to agree at the time what the home is worth to determine the price of a share.