Hey Bob,
My Dad and his Brother built a boat... it was a flat bottom house boat. My best memories of my youth involve that boat. But they had and fight, as almost all friends and family do. They did not talk for many years. And I assure you, that boat was caught in the middle. It ended up rotting because neither let the other use it.
Your principles for the deal sound good, but once one of you gets mad at the other, I am sure the one upset can "rationalize" that they need not stick to the agreement because the other did something so heinous that it drove a split between two great friends. And if someone would do something so bad as to ruin the friendship, then why should one own up to the agreement when the other guy clearly had no respect for the other.... wow, now I'm confused.
Wish you luck though. I know I was thinking of selling my boat, then took it for a little maintance and priced a new 21 foot, completely tricked out bass boat and decided my 7 year old boat, that is paid for, is really wonderful and I have no more plans to sell!!! What I am saying, at the cost for a new boat, and the one I looked at was a Ranger, and I know they are one of the more expensive boats made, still, I have to believe most of the main name brand boats are close in price, anyway, the boat was more expensive than the first house I bought new in the 80's!!!
Good luck my friend,
HDF



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