Advice on how to structure purchases

I would like to understand what structure would suit my situation best? I’ve been researching the possibility of purchasing a property (3-4br house) in conjunction with my siblings(sister and brother) somewhere in the inner west of Syd. Ideally I would like for it to be classified as an IP but I would also like to live in it with my wife and child. Individually we wouldn’t have enough to service the repayments but pooled together we will be ok.
Our situation is as follows:
- I’m married (1 x child)single income highest tax bracket, currently paying off mortgage.
- Siblings are both single living at home medium tax bracket, 1 is paying mortgage on IP (2br unit)
I want to ensure that all our interests are taken into account, not to negatively impact any one of us but at the same time pool our resources to move ahead and help each other where possible. We would then plan to continue and hopefully set up a larger portfolio of IPs as well.

I have questions around tax (living in the IP, deductions, lower taxable income, etc..), asset protection that spring to mind, also what about if one wants out?

I have read quite a few posts, some mention tenants in common, some talk of trusts? Has anyone done something similar?

I’m interested in your replies any feedback is greatly appreciated.:)
My advice is don't do it.

Decide what you want. Do you want an IP? Or do you want a PPOR for your young family?

Sorry didn't really answer you actual questions, but I cann't get my thoughts away from how potientially bad this situation could be for everyone invovled.
You have 2 problems:
1. Mixing investing IPs with your own home (different requirements)
2. Purchasing with others (different goals of the parties and problems getting out of the arrangement)

Both are to be avoided IMO. Any one of them on their own is a problem but you are combining two.:(
I've done this in the past. It can lead to lots of problems
-what happens when one sibling wants to access the equity?
- what if someone wants out and the other 2 can't qualify for a loan to buy them out?
- What if one family is using the offset account and saving a bit of interest, is this taken into account?
- What if one wants to pay off the loan faster?

If you want to go ahead it is simple. Just 3 people on title with 2 people on the loan. You will rent out their share 2/3 maybe and they should be able to class this as an investment property if you are paying market rent. You could class your share as your main residence and have it CGT. But I don't think you could class it as a rental property if you are living there as you can't rent from yourself.
Thank you all for your feedback, I understand the issues that this sort of arrangement can bring down the line. I'm still interested to hear more from people that have done it be it with family or friends, I will look into the suggestions made in the meantime and let you know the outcome.