Myself & 3 other guys recently bought a camp. It has 80 acres and a well maintained 1100sq/ft cabin. We split the costs 4 ways. We went ahead and got in touch w/ a lawyer & had him incorporate us. We created our own L.L.C. (limited liability corporation) to make everything legal between all of the investors. Here are a couple of notes we have in our by-laws:

If someone wants to sell or get out of the deal, their share must be offered to the remaining stockholders first at fair market value. If the stockholders cannot buy out the person, or find another stockholder, the property will be sold.

Any capitol improvements to the property or to the cabin greater than ($ amount-fill in) must be approved by all parties before proceeding.
If agreed upon, all capitol improvements costs will be split 4 ways evenly.

In case of death to one of the stockholders, their share must be offered to the remaining stockholders first at fair market value. If the stockholders cannot buy out the person, or find another stockholder, the property will be sold.

During November rifle season, and muzzleloader season, names will be drawn for the available blinds on the property.

During November rifle season, bow season & muzzleloader season, the stockholders have first choice of dates & times to reserve the cabin.

During November rifle season, bow season & muzzleloader season, the stockholders shall be allowed to bring two guests. Stockholders get first choice over guest for blinds.

No logging or modifications to the woods, (i.e. cutting out large clearings or shooting lanes) or trees can be done on property without all parties approval.

We shall appoint a treasurer to the duties of paying taxes, & managing the “slush” fund.

One thing that makes our situation nice, is that we all have been friends (& family) for a long time, we get along great and have never had quarrels or arguements that could jepardize the camp. Make sure you guys have fun. Camp is the best time for me. Don't set too many rules/bylaws - this may discourage people. The key is communication with your buddies/family. Your right, keep things out in the open as much as possible. Things (major things) get done by a consensus vote. We keep a log book & document all of our expenditures/upgrades etc. Who spent what on what, to make sure no one does'nt get short changed.
One of the most important things I failed to mention is: make sure they bring enough money w/ them for poker after a long day in the woods.
Good Luck with your new camp,
Yoopper Hunter