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I'd expect the council won't let it be subdivided into 17 x 1 acre lots. That means you're stuck with one title, which is where it will get ugly - for a group of people to own it collectively, I've seen contracts full of fine print the size of phone books.
If someone wants out later on, must the others buy him out, or not, and how on earth is the price to be agreed ? It's hard enough to reach an agreement between two people, let alone 10 or 15 others. And then there's maintenance...
I'm with your wife on this one. Unless its your own place I wouldn't do it, and if you really think its an investment, its all yours.
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