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@Greenbank
Negatives: Possibility of falling out with family over money. We got away with it, but it can easily happen, even if you think it won't because you get along fabulously.
Wasn't involved in the original mortgage stuff so I've no idea about that. Can't remember how it worked after i'd bought in, I don't think I was even named on the mortgage. I think my eldest brother (who ended up buying me out) just assumed the whole mortgage (he'd already paid off most of his share) and I paid my contributions to it (it wasn't rent as I was on the deeds as co-owner, see next point).
Stamp duty was, annoyingly but not great surprise, liable on the various buyouts.
When it came to sell we worked out equity (based on mortgage balance and payments we had made), got the place valued and then agreed on a price.