Advice on tenants in common and structure

Hi all…just wondering if anyone can share their experience with "tenants in common" investments.
I currently own a special rural investment property in Margaret Riverwith 2 other people.  We owe $200,000 and property is worth approx $800,000.
We need to sell it, but Ive been advised to look into selling a 40% share in the property, with us keeping the remaining 60% between us.
The property is 5 acres and has dual road frontage.  There is an old cottage(council approved for non-conforming dwelling) we have been using as a holiday house at one end, and at the other end is a designated 1 acre building envelope.
We are thinking of selling 40% share of total property, with the prospective purchasers to have "exclusive use" of the half with the 1 acre building envelope and the ability to build a holiday house/residence for $450,000.  We can then retire our debt leaving property unencumbered, make a net profit of $250,000, and retain 60% equity in the property, and have "exclusive use" of the cottage as our holiday house.
We have spoken to an Agent who said this price would be very cheap for the area, and should sell quickly.

Has anyone done anything like this before?  What structure did you use to purchase?  Did the legals cost much?

Thanks in advance for your help!

Jamie