We have been involved in race horse "group" ownership off and on since the '70s. We would sit around drinking cheap wine and looking through the yearling sales catalog picking out the ones that we thought we might be able to be high bidder for. Then DH and friends would head off to the sale.
We always had a lot of fun at the sale. We always had fun in the shedrow before the race. Sometimes, we even had fun in the shedrow after the race!
We still own horses with some of these same people and we still have fun in the shedrow, only now it's at events instead of the track.
I was a very small-potatoes part owner in a racing syndicate called Virtual Owners Partnership waaaay back, line in 1996 or 1997. It was fun, gave me an excuse to go to the track and we had a good time. Not sure if it's still around.
Eventers are starting to do this. Wasn't Theodore O'Connor owned by a syndicate? I say, go with a young up and coming rider and go for it. I have been part owner here and there and have to say I have never had any issues.