There is no limit to the number of owners who can hold an interest in the property.
Tenants in Common v. Joint Tenants with Right of Survivorship
The biggest difference between a Tenancy in Common and Joint Tenancy is in the way the property is transferred when an owner dies. Under a Tenancy in Common, the deceased owner's interest passes to his or her heirs via Will, Trust, intestate, etc. Under a Joint Tenancy, the deceases owner's interest passes to the other owners (i.e. those who "survived" the deceased owner).
Other characteristics of a Tenancy in Common
(1) Ownership can be held in equal shares or unequal shares.
(2) Each owner has the right to possess the property without being able to exclude the other. Again, a separate agreement can be drafted and signed by all of the owners outlining who is to occupy the property and when. This is often the case in a time-share property.
(3) When an owner dies, that owner's interest passes to that owner's heirs.
Other Suggested PostsBefore buying property as a "Tenant in Common" check out these other related articles: Estate Planning and the Enhanced Life Estate Deed, The Difference Between the Enhanced Life Estate Deed, Warranty Deed and Quitclaim Deed, The Traditional Life Estate Deed, The Revocable Transfer on Death Deed and California's Revocable Deed, Joint Tenants with Right of Survivorship.