Ya, you guys are right and I quite agree with you .I have thought of that, the risk of default and  so on. Of course, I do not mean buyers are students. It's a group of 5 adult who earn RM 4 k or above a month.
Non-technically speaking, if I am wrong or if it is not feasible, please correct me . IF there is a legal agreement was set at the outset and lay down all the condition to tackle all the possible risk. For example,

1) If anyone of the member don’t contribute their share of loan repayment for 3 month over the total period of loan repayment, the fella would have to “out of the party” automatically and immediately. He/she can sell “his share of the property” to someone at the amount of he/she had paid or below/ higher than that amount. The person can be from the “insider of the party” or “outsider of the party”.

2) For sure, in order to be the member of the “party”, we would have to filter the applicants’ ability to pay.
3) Agreement also set the rental of the property must be used to pay the loan instalment.
    a) The rental amount is set at the market value and would be increase 2 % from years to years.

4) The shareholder couldn’t or could stay at the property provided he/she pay rent.

5) The agreement also laid out the condition to sell, for example :
a) sell the property once it appreciated to 120- 150%
b) sell the property when the shareholder reduce to 3 people
c) sell the property after 6 years  no matter whatever the price
From the technically point of view [legal side and the bank (i.e., loan transfer?)],

6)is it possible that an agreement is set to override the S&P agreement for including all the above condition? And,

7}what is the other risks that might cause this investment to fail?