I belong to a couple of "clubs" where the members own the land. One (same as RR) where appx 480 members own close to 12,000 acres. Another where 15 of us own 400 acres.

You have to determine what your goal is. To have permanent place to hunt or buy land for an investment and hunt it while you own it (with the intention of selling it all one day, perhaps).
To set it up correctly, you have to form a corporation with the corporation directly owning the land and members holding shares of "stock" in the corporation. Anything else and you are going to have problems (ESPECIALLY with a disgruntled "member" or two)..so do not let the deed be in the names of 12 different guys, for example.

you need to form by-laws, think about annual dues, ways to reduce property taxes (like perhaps using part of the land to farm, or for some federal/state wildlife program with correlating tax breaks, etc).

most importantly. In no way, shape or form, allow a mortgage on the place with members expected to make substantial payments over some term. What happens if a member or two can't come up with the money...perhaps for years?? you gonna cover it or lose your land?? I know you can say that you'd sell their share and all, but THAT may not work. Instead the land should be purchased outright, with each individual member coming up with their own individual financing (if neccesary).

It can work, but there are pitfalls to be avoided