There are no problems legally, other than the fact that it means you all would need to agree to sell if one/a few of you wanted to, and would also mean all of you would need to be present to do so (or all give power of attorney). If ever someone wanted to get shot of their share and you decided to buy them out, legally it is excessively expensive.
I know of quite a few people who bought with friends/family and although I couldn't say who, they all tend to be like you and your friends, they holidayed together so know they get on well enough to commit to a major purchase like this. The only note of caution is my initial point, that if some of your friend's circumstances change and they want/need to sell their interest, it can be a cumbersome process.