I have two very different experiences with shared boats. Both have worked well, but they are entirely different.
- I am one of several owners of a classic Dickerson 41' ketch that we keep year round in the British Virgin Islands. It is professionally maintained and kept in excellent condition. We have a formal agreement and I act as the business manager, billing the co-owners for their proportionate share of expenses. We are in the process of restructuring to add additional owners and expect to convert to an LLC (if this sounds interesting, check our website at BviKetch.blogspot.com).
- I share an old Catalina 22 with a friend that we keep at mooring near his summer cottage on Cayuga Lake. We shared the modest upfront investment, do maintenance together, and split whatever costs we incur. There is no written agreement and if there were a problem we would sell it or I would walk away.