The Multi-Admin setup ONLY works if all the admins are completely on the same page. If you go that route you need to clearly define everyone's role from the beginning. The important part is to know who is going to retain the rights to the webspace if a separation or demotion is necessary...
I speak from experience that you need to have from the onset a protocol for dealing with a possible falling out. It will be much easier to part ways if you have openly discussed the doomsday scenario...
I agree that only one person should have absolute access to the domain...
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