Pros & Pitfalls Of Partial Interest Properties

[Eva N.]

Can someone talk to me about the pros / cons of partial interest ownership ? I have the opportunity to purchase 50% of a small, four unit building, which I intended to live in myself, occupying two units.  However, the deal fell through because the banks refused to finance so I'm thinking of a lower all cash offer.  With that, I am still worried about things like the co-owner, an elderly man, getting sick and unable to pay his half of the expenses or worse, him falling so sick that I may be liable for his medical bills.  I would get a lot of space for a great discount, but would I also be inheriting other issues from him ?  The bylaws are worse than a coop with limitations on who you can rent to and right of first refusal on title transfers, although I am OK with that since I intend to live there.