Considering turning one of my STRs into a Fractional ownership

[Melissa Nash]

Curious if any one has done this before? I own a luxury STR that is financed and in an LLC. I am doing research on fractional ownership- where I would sell 1/16th or so of the ownership. Has anyone done this and if so I'd love to learn more about it and dive into it more, and see how you actually determine the value, and examples of how this works. The house currently appraises for $1.4mil- I do have a loan on it but only for $700k, so I am assuming this can be done ? Thoughts??