Jessie, the fractional ownership in Destin is usually found at the Emerald Grande. What you are buying is partial ownership of a condominium that will entitle you to stay there for whatever "fraction" of time you purchase. The larger the fraction you own, the longer time you will be allowed to stay in the property. Emerald Grande condos generally run upwards of 400,000+ to purchase one outright, so some people might find an advantage in owning just a part of one, which they can sell in the future if they choose.
As said before, it operates much like a time share, and there are different versions of those, too. Be sure to check out ALL the ramifications of ownership this way before making a decision, and prepare a list of questions for answers regarding insurance, liability, hidden expenses that might not be readily apparent.
Myke Triebold, GRI, SFR, ABR,