Tenancy in common is one way of holding title to a property. There are other options as well. It is best advised to speak with a lawyer regarding which option works best for you and the others who share title. If you hold title alone, it's not an issue. Please see the link for a complete explanation of each method.
This hasn't caught on very much in Hawaii. It was widely used on the mainland the last 10 years, however. You could say it's a fractional interest in a property. Sometimes it is used for trusts, or partnerships, however a TIC could be an individual that owns 1/4th of a property, for example. I'm sure the concept will become popular again, because it is a terrific way to own part of a property, especial commercial properties.