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This is kind of a follow-up to this question: Is it necessary to be a US resident or citizen to register a domain name in the US?

To narrow the scope of the question, please assume that trust with money, website ownership or anything else would never be a problem.

So trust issues aside, what are the potential disadvantages of doing something like this?

The site would be used to host photography work and initially wouldn't be selling anything directly, although it could at some point in the future.

I was thinking that if the site can be seen as a source of direct (or even indirect) profit at some point, there could be issues with taxes, etc...but please list anything that comes to your mind.

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    The person could die or go missing with login details. – Abu Nooh Dec 2 '15 at 21:28
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This individual or this entity is going to have the ownership of the domain name since it will appear in the WHOIS. You have to trust this person because at anytime, this person may decide to seize your domain, change the nameservers and point it to another website.

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