Fractional Ownership - Has anyone done it?

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I'm looking into possibly purchasing an ocean front property and either selling it as a time share by week, or perhaps in 1/5 or 1/7 fractions for people who want ownership interest, but like normal familes only use a property for 3 - 5 weeks a year. With option 1, i could pay off the mortgage, keep the premium price and the spread over the maintainence costs - with option 2, you can "seller finance" the buyers, and earn a premium interest rate over your mortgage rate, and actually be able to loan to the buyers. For Example.

Buy a $700k house at 6%. Example mortgage $4000 - all other costs are split between the buyers. Taxes, HOA, Insurance, etc.

Sell 7 fractions of the house for $135k each furnished at a seller financed 6.5%.

I realize the potential carrying costs to find 7 buyers could be great. But with well thought out marketing... you can give the opportunity for people to own a $700k quality house for $135k for the only amount of time they are going to use it for anyway...

Some RE Agents will list the fractional ownership properties on MLS as well. If all goes well, i'll get my liciense and eliminate 3% of the cost as well.

Any thoughts?