I'm in a somewhat similar situation. A few years ago, my grandmother put my name and my uncle's name on the deed to the house I live in. She had been using it as a rental property, but was getting tired of dealing with it. It's set up as a Joint Tenancy with right of survivorship, I think that's the terminology. Right now, my grandmother, uncle, and me are all 1/3 owners. When someone dies, the two remaining people become 50/50 owners, and when the next person dies, the sole surivor gets it all.
As for the title, it has all three of our names on it, but on some documentation, I've noticed that if you have more than two names, instead of listing them all, it'll just list the first two names and then "Et Al" which I guess means "and all others" or something like that.
I have homeowner's insurance on the place, in my name only. So if someone gets hurt, the insurance company pays, but if they try to sue for too much, I'd imagine they could come after me, my uncle, and my grandmother. I took out an HELOC on the place, and while the HELOC is in my name only, my grandmother did have to go with me, to verify that she knew what I was doing. My uncle couldn't make it, so we had to get a paper signed by a notary stating that he knew what I was doing.
But now, when I had a garage built in 2005, and went down to get the permit, I was the only one who had to sign. But the permit did have all three of our names on it.
When my grandmother passes away, the house she lives in is set to be divided up 40/40/20, among my mother, uncle, and me. We had offered to put my Mom's name on the title to my place as well so she doesn't get cheated out of her inheritance, but she declined. I have no idea what's going to happen to grandma's place when she passes away. I could see my uncle wanting to stay there, as he lives there now, but I could also see my Mom wanting to sell to get rid of the hassle of keeping it, and getting her money out of it.