The advantage of this method is that the parties in the ownership need not be married or related.
The downside is that any financing or use of the property for financial gain must be approved by all parties and cannot be transferred by will after one passes. If the parties are not married, in order to get out of the title, they must petition the court to divide the property or order its sale.
Another large disadvantage is that a creditor that has a legal judgment to collect a debt from one of the owners can also petition the court to divide the property and force a sale in order to collect on its judgment. In this method, each of the owners takes a risk in the other’s financial choices.