We are looking into buying acreage with at least one other family where each of us builds our own house on the land. We are like-minded, and want to always keep our commune (haha) with like-minded people, should one party decide to sell or move on. If we wanted some portions of the land to be shared, but for each party to have their own plot where they can build a house, do we need to subdivide the land? Do we do that after purchasing it in an LLC? Would it be better to make a Cooperative, or an HOA? Just trying to think through the steps on how to do this and would love to hear thoughts from others. I've only ever bought raw land alone, and am having a hard time understanding how it works with multiple people.

Here are a few details: 

52 acres

Seller is willing to do seller financing.