Running someone elses truck and leasing to a company

A buddy of mine was an O/O that was leased on to a company, but he came off the road in Feb. to start a new business but kept his truck. So, the truck has been idle since. I'm considering becoming an O/O and possibly buying his truck. It's a '12 T660. As far as I know, he doesn't have his own authority. I've been driving since '05, so I'm not fresh out of a trainers truck wishing on a pipedream lol.

My question is if I were to use the truck to keep it rolling and make us both some money before/if I buy it, could I lease on to a company in this arrangement? And if so, would it be treated as if I rented a truck from Ryder, Penske, etc.? Would I be able to get bobtail insurance in my name with the truck still in his? And would he have to do the paperwork and whatnot when I find a company to lease to? Anything else I should consider?

If this scenario isn't a good idea, let me know.

I have some other questions, but I'll start with these.

 

That’s what I figured. My brain was just overthinking the situation, as always lol. Thanks!

 

Anyone have suggestions on how to set this deal up with my friend? He says the truck is paid for, but I still want to make this worth it for both of us and so I can save more money to pay cash.

The plates aren’t current though, so how would that work if leasing to a company that pays for base plates and getting to a terminal? I just have to cough up the $2k and get new ones, or what?

 

After I did some numbers and digging, my buddy and I came to an agreement for me to buy the truck on payments. I’m going to have an attorney draw up a contract for what we agreed on.

One step closer to telling my current company to pound sand lol.

 

Thanks for the info. I’ve been researching everything you mentioned for a couple weeks now.

Plates here in Ohio, according to him, are around $2k. So I’m going to go with someone that provides plates. I’ll probably be leasing on until after the new year so I can get some O/O experience in and an idea on where the market is going after/during this COVID stuff in 2021.