I've had collaborative fics that turned into authorial pissing matches and crashed and burned and died a horrible death. I've had others that went beautifully, and some that just sort of fizzled when we both realized we didn't know what the hell we we doing.
The ones that went well were a series I did back in EQ fandom, where another writer and I planned out a starcrossed romance plotline for our characters and wrote four or five stories. We worked out the basic plotline of two incompatible characters Recognizing (ElfQuest elves have this telepathic "Mate or die!" thing that can kick in at any time, with almost anyone. Oh, the angst!). It was your basic 'good woman falls for rake, who then falls for her against his will' storyline, but we had fun with it. THe first story we did in alternating first person POVs--my character, then her character, then my character, etc. Then each of us would go over the other's sections and make changes. Later stories were done in third person, and we'd collaborate on the plot and trade scenes back and forth until we were satisfied.
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The ones that went well were a series I did back in EQ fandom, where another writer and I planned out a starcrossed romance plotline for our characters and wrote four or five stories. We worked out the basic plotline of two incompatible characters Recognizing (ElfQuest elves have this telepathic "Mate or die!" thing that can kick in at any time, with almost anyone. Oh, the angst!). It was your basic 'good woman falls for rake, who then falls for her against his will' storyline, but we had fun with it. THe first story we did in alternating first person POVs--my character, then her character, then my character, etc. Then each of us would go over the other's sections and make changes. Later stories were done in third person, and we'd collaborate on the plot and trade scenes back and forth until we were satisfied.