A co-worker of my sister's want to "rent" my boat trailer that I don't use since my boat lives on hoist at a dock. He lost his boat trailer in a traffic accident and the new trailer is going to take 6 wks to show up. He is said to be a good guy. I would not mind helping this guy out but I am concerned with liability from the trailer and potential damage to the trailer. Do you think I should consider helping this guy out? If so, how should the contract be stated such that I don't have liability (if my trailer fails) and I don't get screwed (if he wrecks my trailer)? One option is to sell him the trailer with an option to buy it back. This way he has all the liability and he needs to return it in good shape to get his money back. Yet, this is awkward since it involves the DMV and such. It all sounds like a lot of work for little gain.
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