Advice on buying a boat with a partner

I have dreamed of having a boat for years but have not been in a financial position to get one until now. I was planning on buying an old ski nautique and adding a tower but I got an opportunity to buy a 2008 VLX with a friend of mine. He has an 05 but wants to upgrade and go 50/50 with me. I have heard that owning a boat with someone can cause problems and I want it to go as smoothly as possible. I have not known him too long (about a year) but we rode together a lot last season and went on a houseboat trip together. We get along well and he is very good about taking care of his current boat. It will be kept at a local boat club with easy access for both of us. What are some issues that might arise in this partnership. I am hoping that some of your experiences can assist me in eliminating any issues by figuring them out ahead of time.

Thanks for your help!!