Lease as a team?

Anyone out there ever do a shared lease? Or for that matter, a shared owner operator?

My cousin is a long haul trucker, been at it for 13 years and wants some downtime. He approached me about going to school and then sharing a lease with him on a single truck. I drive for 2 weeks, he drives for two weeks. We would contribute equally to all the expenses, maintenence accounts, etc.

Anyone out there ever done this?

His second option was for us to go in halves and purchase a truck, $50K or under, same setup, share the expenses, 2 weeks on 2 weeks off for each of us.

He has a dedicated route, pays well and he does not want to ever loose it. So this way he can start stepping down, taking some time after 13 years of drving and still keep some income coming in, without loosing his 5 year steady route. I also only wish to drive part time, so it seems attractive to me.