This exploratory case study (N=18) took place within a merged special education and elementary education teacher preparation program in which all coursework was co-taught by university faculty. Through interviews and focus groups, participants described their perceptions of the benefits of co-teaching; candidates reported participating in models of co-teaching as they learned through multiple perspectives, and faculty felt they grew through collaboration. They also experienced challenges, which included increased time commitment, coordination, and consistent use of co-teaching strategies. Participants indicated that positive relationships, co-planning practices, balanced roles and responsibilities, and administrative support make co-teaching work. Implications suggest approaches to magnifying benefits while minimizing challenges, such as pairing co-teachers with intentionality, developing communities of practice, and providing compensation for increased workload.