Co-ownwership Condo?

[Anna ms]

As an alternative to our son renting an apartment in Toronto, we are looking at buying a condo where he would become our tenant. It is our intention to then (5yr approx) sell the condo for a small profit or at least break even. We have found a building that meets our financial and location requirements and would like very much to proceed, however this is a CO-OWNERSHIP property.
The company has obtained an individual Property Indentification Number for each unit from Land Titles Registrar of Ontario and provides separate deeds for each unit. It is my understanding however that in a co-ownership arrangement one shares the liability of the property. ie if a co-owner defaults in their financial obligations (mortage, taxes etc) as part owner I must cover a percentage of those loses. Is that accurate?
What is the general feeling or recommendations regarding co-ownerships?

Any comments appreciated!!