Skipper/cruiser is not owner: how best to share costs with owner?

[whiorau reserve]

Friend of mine recently bought a 45' sloop, but then tricky life events got in the way, so no cruising for him for 2-3 years. So, I am going to cruise on the boat, and tackle the "to do" list, starting with a new engine. Question is, how to fairly split the costs? Capital costs (new engine etc) are on the owner. Daily costs - fuel, marina fees, etc, are on me. But what about insurance, and marina fees for the months of the year I can't use it? And wear and tear on sails etc, and all the other things? And what about the value of useful work I do to improve the boat, and keeping it safe and loved until the owner can start cruising?

Thanks for your ideas!

[Sea Dreaming]

I would split the monthly costs with the owner. I would buy anything the owner will never see. "Never see" might include sails, rigging etc if the owner can't get back to his boat for a long time. There major purchases should be discussed with the owner as each comes up.
As for the value of your work, I would say you are getting to use a boat at limited cost to you, fair trade.
As for storage fees I think that one can go 50/50 or owner pays all. He would be storing it anyway way, but paying half the costs would be good to do.
Make sure everything is in writing. You will want to be clear that whatever you pay for does not make you a defacto partner.
Good luck!

[GordMay]

Greetings and welcome aboard the CF, whiorau reserve.

[SaltyMetals]

why not just buy-in as a 50% partner and then split everything 50:50? I did that successfully with a friend for many years. After about 15 years i then sold him my 50% and bought something different 100%. worked out very well.