Earlier quoted context omitted.
It was 1991 and we pooled money from 10 people. The house was super cheap ($60k) and in a very depressed area (Attica, Indiana). The seller was a person and not a bank.
Ah thanks. So the mortgage was quite small, still, hard to get one without income. Pooled ownership also makes it much more complicated.
The others could have just stopped paying 'rent' and I would be stuck with the full mortgage...or I could have just sold the place and walked away with everything.
Definitely an exercise in trust and mutual self interest.