starting wakeboard lessons

when i was 14 there was a guy on my lake that started a wake school and had a good run it seemed like. I took one of his lessons to try it out but only found out he could not teach me too much because i was already landing whirlys and ts O/A 540's. after that a few years later i ran into him on the lake and started riding together since he was at the same level as me and one of the few wakeboarders around. he dropped the ski school a few years ago and now lives in the caribean but still comes out to my home lake to ride a few times in our summer seasons. Right now i am employed with a landscape company and i worked so many hours last year i barely found time to go ride and have a full day to chill on the lake. i have been thinking of ways to change that for this year because wakeboarding has been my life and i always want it to be, i need more time on the water since i live 50ft from it. My idea that i want to get some input on is this.

Since he only comes out for a little bit in the summer to wakeboard and does not run a ski school anymore i was thinking of a way i could ask him and work out a deal of some sort to buy or rent his boat for the summer season to start my own lessons like he did. we're pretty cool with each other but I'm not sure how to go about asking him if i can buy his boat and run my own business .. once again his cottage is on the same lake as me and i would be 100% willing to let him use the boat when ever he wants as i know he has owned it for years before me and he's not just some kid that wants to run around in my boat for the day. i feel like that would give a little insentive for him to feel like he can make money on this deal and still ride on his boat at the same time. It would work out the best for me because i never want to leave the lake and if i can make money while being on it i would be right where i want. not to mention my riding level has out grown my old boat that doesn't have the power or wake to take my riding further. he has a 2001 air Nautique that i ride awsome behind and could get alot of good riding when im not giving lessons.
He also got a good start from buying the boat and getting hooked up through a nautique dealler in the area that gave him alot of help and business, which i have a good in with being that my sisters boy friend is really close with the owners of the business.

I'm sure i could go more into details with this idea and give a better understanding but i just tried to make a quick choppy summary of what im looking for to see what some of you think.

am i looking at a dream or could i possibly make something of this? how would you run this idea across the owner of the boat?

Sounds like a great idea man. But one big issue there is insurance. That fellow is probably not gonna let you out there with his boat without commercial insurance. Without commercial insurance if someone gets hurt its on you personally and him the boat owner. Of course you could just take a chance but it would have to be up to him. I do know that commercial insurance is a few 1000 dollars but its all variable. Don't let that get you down though I still feel sure you could find a way to do it. Where are you located at?

I live in MI, I was just thinking about it again today and went over it with my dad and he also mentioned I would need to cover insurance on his boat and liability for the students in my boat.
Since he has been through the whole deal once I will just give him the idea starting low by saying something along the lines like, " bla bla bla i would like to run a wakeboard school like you did a few summers ago and hoping you would be interested in helping me out on getting started and letting me know what i need to do to get where you were " and then i would say " I was hoping that since you dont use your boat all season and dont teach with it anymore if i could rent it from you over the summer and cover the insurance on it while i have it ". I would word all this more professional once i sit down and write it up and think about it but if he doesnt go to well with that which i dont know why he wouldn't maybe i could also throw in saying that being he will help me out on getting me started with the business end of it I would be willing to give him 10% cut or so on what i make through the season. I'll save that for last in case he is unsure about the whole deal and not seeing a big benefit. I mean if i was in his shoes and i had this proposal brought to me that i wouldnt have to pay for my boat all year and still get riding in and possibly make a small profit i dont see why i would pass that up. thats just me tho, hopefully i can find the right way to word this and go about it so it works out well for the both of us. As far as some of you know about this type of business more than I do at the time could you see it being worth my while? I have had been on a boat with other people having a hard time at any level before and as soon as i work with them a little the seem to understand it more and pick it up much easier than the last person explaining it. I just feel like this would come easy to me since i have lived on the water my whole life and been wakeboarding since the age of 9. I appreciate any help and input I can get from you all.

thanks

I did lessons out of my house with my boat for a few summers... I just didn't take money until after they were done and not hurt and had my mom's lawyer draw up a waiver, not that it was bullet proof, but at least a pain in the ass to get around if someone wanted to try and stick me