krisken,

Even with quite a few people, I still see it as a good idea, but there are bound to be a lot of problems between members. That is why no matter what, every conceivable situation is spelled out completely and signed onto by the members.

Personally, I like the idea of a few close friends owning, say, 500 acres, but if you don't have the cash, more people is an option. Remember that there will be SOME kind of taxes, and there should be penalties for someone not paying their share of the taxes. For example, you could enact a policy whereby if someone doesn't pay their share of taxes and/or agreed upon expenses, they forfeit their right to hunt the place until they pay the unpaid balance PLUS 7% INTEREST. After a certain time of unpaid expenses, other members may choose to buy his share out at his original cost. If many members are interested, draw to see who can buy him out, etc. etc.

They can't make more land, it will only go up in value over the long run so is a great investment, and you get a lot of enjoyment out of it. If there was any way you could do it with only a few others, that would be much less hassle though...