I don't know if it is just my market, or if that is common...but when I pulled all the probate cases for a year in Tarrant County which is the County for Fort Worth, TX...of course there were 100s or a 1000+ probate cases with real estate. 

The most common use you'll see here on BP and similar areas is by those who raise private investor capital to acquire or develop real estate of some kind.

With a smaller portfolio of paid off properties you have to deal with less leaky roofs, HVACs going bad, and other headaches that can arise while still hitting your cashflow goal.

@Alecia Loveless What you are describing is pretty common.

I think the most common place we see this is in the kitchen and baths with expensive countertops, over done tile showers and tile work in general. 

for me i get up and work on what is going to be most profitable in my mind that day.. or when your doing what I am doing  building homes in 3 states and funding rehabs in 14 states.. you just react to e mails and crisis's as they arise every hour.. 

the deed as tenants in common will specify a % interest in the property not a square foot amount. 

I am far more interested in hearing from one of the "common folk"(like me) who can perhaps share the nitty gritty/nuts and bolts results that they actually achieved. 

It's common for assessed value to lag behind market value.

A straightforward way to structure this would be to have a multimember LLC with 2 types of ownership via common units (LP) and management units (GP).