Issues of ownership buyout and storage should be considered before getting in bed with your neighbors. I don't understand why you can't get your wood ready to be split and go get it, and when your done, take it back. You probably understand the situation more than us, but when I own a share in something, I am probably going to use it.
I say that, and I actually purchased half interest in a new table saw that I didn't use for the first 10 years. However, I did enjoy the fruits of it, as my FIL would build things for my family with wood I brought back from Daddy's. We have some pretty nice chests and things made from the cedar grown on Daddy's place, crafted by my wife's Dad, which brings double sentimental value. When my FIL passed, the saw became mine.
I would think communications and advanced planning is the key to most of the problem solving with co-ownership.
David from jax