My best friend and I are considering a boat-owning partnership 50/50. Just curious if anyone has been through this before, and if you have any advice or suggestions. This seems to be the perfect solution. He currently owns a boat, which I ride behind and drive just as much, if not more than he. I pay for quite a bit of maintenance for his boat (repairs, upgrades etc..) and of course gas and wakeboarding gear (ropes/handles/sacs). The only things I don't currently split are the biggest expenses: Payment, taxes, insurance, and registration.
I understand this has the potential to be detrimental to our 10 year+ friendship also if we don't have a clear agreement on how certain situations are handled. Please share your experiences if you have any. Any advice would be appreciated.