Hello all.
We did it here in South Africa.
http://www.wingspark.co.za/wings/home.asp
As the guys say, watch out that your original ethos of generosity and like-mindedness is not hijacked by someone who thinks that it is better to enhance the value of their investment than to promote aviation in general.
This has worked well for us so far, and is a fine collection of like-minded people who are very friendly towards each other as well as visitors.
The laws weren't too difficult regarding the sub division of agricultural land.
We bought the whole farm, formed a CC and the go/no go number of shares was 21. above 21 shares, each share became cheaper. At 21 shares 12500.00 dollars, and at Max (42 shares) it was 7500 dollars. The whole farm (320 hectares) cost about 200 000.00 dollars at the time. Each share gave you 25x25meter (don't know this in your language) piece of land with electricity point. There is a good well on the farm, but residents collect rain runoff in 10 000 litre tanks from their hangar/home roofs and have never run out. The runway area is fenced off with game proof fencing to keep the wildlife off of the runway and the farm is rented out to a local cattle farmer for a touch extra income. Now, shares are selling at min 30 000 dollars and this is where the original ethos comes under threat, as new entrants may be more selfish than the original dream realising generous, aviation-in-their-blood types.
Do contact the management committee in the website to get their input if you like. they love to share their experience and what they have learned, with others.
Regards
Reid