The question for me is really "Who paid what for the houses involved?"

Say it's a 50/50 split in shares between a player and Nigel Wray.
Say the house is worth £1m, and each put in £500,000 to purchase said house.
Dividends from the property company will be paid 50/50.
Presumably should the property be sold, that too would be split 50/50.
I can't see any  problem with this.

However, say Nigel Wray paid for the house and now the player gets dividends, loans from the company and a 50% share of the house selling price.
Clearly, that's a different kettle of fish.