“Tenants in common” is just another form of taking ownership, kinda like an LLC or a corporation or “sole and separate ownership”. With any form of joint ownership each of the members commit to paying their share of the downpayment and the mortgage in exchange for a return on their investment, either in the form of positive cash flow or in the form of the profits upon resale. If someone is not carrying their load the other members have to make up the difference. The structure of the partnership is a critical component that can lead to either success or failure.
You’d also have to do a little research and decide on the health of the tenants upon whose strength the properties are being marketed. Blockbuster Video was considered to be a real good commercial tenant to lease to until they went into bankruptcy. I can name a dozen other companies that on the face of it would appear to be ‘safe’ investments but which are vulnerable to the vagaries of the economy. The E-coli scare almost did in Jack in the Box, and Burger King has been closing down their less profitable locations. More than one investor has been burned by incorrectly assuming a lease would be extended just because it had already been in place for 20 years.
Even the governments can be a gamble, depending on which agencies they are and which political party is in power. Some minor social services agency might not be a good bet when the Conservatives are in power, and a defense think tank may not be a good bet when the Liberals are in power. Same goes for state agencies, only more so. Funding can get cut in a flash.
Right now, many of the commercial properties are almost as overvalued as are the residential properties. Commercial investors tend to not get too emotionally attached so the various changes in value can occur even more quickly. If you’re at all nervous about residential properties, commercial properties would not be a reasonable alternative.