A fractional ownership is another word for co-ownership. For example at http://www.experienceportobello.com
you find fractional ownership that gives you a Deed for your property and it is good for life. You may buy starting on a one month fractional ownership at $79,100.00 USD
It is also appealing because of the hassle free concept that is integrated, you do not need to burden with normal second home chores like utility bills, fixing rental damage, change of furniture and appliances, Maintenance, etc... Instead you can use your vacation time to enjoy the location that you chose for your leisure activities. Plus there is cleaning service every day, WIFI, Satellite TV and much more...
I believe that a well maintained and organized Fractional Ownership Project is the best way to own a vacation home and at a reasonable price.
It is important that you get a deed because some projects offer shares of a company and that does not ensure what you are buying. And some Time Shares disguise themselves as fractional ownership when they are not.