New Driver

Agree, put the driver in it, hire a dispatching service (there is one that takes only 5% of gross, usually its 10%) and let them look for the loads while you will enjoy your present job.
I think this set up will add extra 40-60k to your annual budget. Not bad. And even better news - you can duplicate this setup by buying another truck. More money to your pocket. Good luck.

 

It's not that simple; better become a member of www.OOIDA.com

You may need a lawyer to help you get started.

1. equipment lease agreement - Silicon Roadways
2. siliconroadways.com/wp-content/uploads/2014/09/EQUIPMENT-LEASE-AGREEMENT.pdf

1. (2) LESSOR is the owner of the tractor and trailer equipment described in Appendix "A" and is duly authorized ... (3) During the tenure of this leaseagreement, the LESSEE shall have exclusive .... -I am the owner and operator of the truck used.
2. Lease Operator
   Often at the end of the agreement terms, the trucking company will lease you ... You are leasing the truck on with or to that company as an owner operator.
3. Blah,blah,blah!
4. And all this doesn't even scratch the surface!

 

I don't know; it's a complicated process. You should seek legal help on this matter.

 

That's a good thing you're not with him any longer.

 

With one truck, you won't make enough money after expenses. Either drive the truck yourself ( you may gross 97K a year, however, you will keep less than a third of that) or keep your current job. People inflate the earning potential and some don't really know what the hell they're talking about. It is a lot more difficult than you could ever imagine. I learned the hard way. Luckily, we paid cash for our tractor, and it has been mostly trouble free. I now drive the tractor myself and love it. But there are so many expenses that you and your advisers are not aware of. I truly believe we will make it, but it hasn't been easy.
Real talk.

 

The lifestyle isn't bad, but will take a while for you to even sniff 97k.