Thinking about it. Pros and cons welcomed. Here's how we figure it would work in general.

1. Both agree on boat and price.
2. Buy it, both names on bank note and title.
3. User responsible for any or all repairs needed after his use, as well as cleaning. Warranty or insurance claim repair means last user schedules and executes that.
4. Share monthly payment, tax, registration, and insurance payments. He pays each, reports 1/2 cost to me and I reimburse him.
5. If we decide to go seperate ways and we both agree to sell, then we sell, and take what's left to pay off the note, and if sale price less than note then we split the shortfall to clear the loan.
6. If we decide to split, and one wants to buy out the whole boat, price to the now singular boater would be to take over the note, but the guy getting out has to pay 1/2 of the depreciation if the NADA book value of the boat is less than the balance of the note. This way, the guy leaving has paid the depreciation for the time he used it.
7. Or the guy getting out can find a new joint partner for the remaining partner to share with. Guy getting out pays 1/2 the remaining note to the remaining partner, then sells his 1/2 share for what ever he can get to the next new joint partner.
8. Each joint user gets up to 182 days a year, and notifies the other user when using the boat to deconflict usage. If I notify and don't invite the other ownere to go, it counts against my days. Notice does not have to be an invite, as each owner deserves to have free private use when he wants.

Signed agreement would have to be in place before we did this. Good fences = good neighbors, clear understanding makes good freinds and good business partners. What do you all think, what am I missing that might get me in trouble.