I've been looking after the finances of an Arrow group for a long time, and agree with what my learned friends above have said.
No capital involvement = low commitment, and less incentive to look after the aircraft properly.
We have six members. Each paid one sixth of the initial price of the aeroplane, and pays one sixth of upgrades (FM immunity, GNS430, Mode S, that sort of thing). The number could have been anything up to 20 (or more on a PTCOA) but we decided six was a good number.
The monthly fee is within a spit of what it costs to keep the aeroplane sitting, airworthy, on the apron. That covers parking, annuals, insurance, GPS database updates, that sort of stuff.
The hourly (wet) rate is what it costs for fuel, hours-based maintenance, engine accrual, and a bit. So we make a profit the way I write the books. The Inland Revenue require us to write off the aeroplane "their" way, which means we make a loss the way the financials are submitted to them. Come the day we sell the aeroplane, there will be a significant capital gain to deal with.
Those who don't fly much pay a lot for the privilege of being an aircraft owner. Those who fly a lot get very good value. Everyone's happy that it's a fair arrangement.