@juggler ,
Good morning! Trust me when I say that you don't ever want to "share" a boat with a "partner". It's a horrible idea. I've never done it, but everyone I know who has tried it always tells me that it ends in disaster. It's a bit like sharing a house with someone you don't know very well. They try and do stuff to the boat that you might not want. They might even blatantly lie about how skilled they are and destroy the vessel, and then disappear on you leaving you to pick up the pieces and figure things out for yourself. My honest advice: If you can't be there year round to maintain and look after the boat, then it's best not to have the boat at all. It'll save you a lot of anxiety and headache in the long run.
I had a boat partner, and it worked well (especially for me). My co-owner was a friend, who actuallly introduced me to sailing on his Catalina 30. He later sold his boat for the common reasons…not using it enough, 2 kids in college…
I was in the same boat (pun intended) and asked him if would consider being co-owners. He liked the idea and we formed our informal partnership (no legal documents).
We actually bought another boat together, and sold the first one…and shared the boat for 3 or 4 years. I always thought I got the better end of the deal, because I sailed the boat a lot, and my co-owner, not so much. But he paid for 50% of all expenses and upgrades. Now, Imdid most of the work, but enjoy tinkering with boats. In the winter, he would help with haulout and winterization, and in the spring he would help with bottom paint and whatever else we needed to splash the boat.
After a few years, and a little health scare, my partner wanted out of the deal. We had discussed this potential issue before we bought the boat, and it was a simple plan…if either partner wanted out, the remaining partner could either buy out the share of the boat (50% of the original purchase price - not including maintenance and upgrades) or he could decide to sell. Then the boat would be sold and the revenue split between the partners.
I chose to keep Tally Ho, and bought out my partner. We are still friends, and I still have Tally Ho.
So, I consider our partnership to be a success.
Greg