Total NOOB question

Hi there,

Not sure if this is the right place and please don't kill me if it is not. I have a good friend whom has been driving truck for 20 yrs, he has driven for a tank line company before (well known). I have the opportunity to basically, buy a truck, put him in it and split the income 38% gross with him. I have a couple of questions;

• I do not have a CDL, but will need to get the truck to the terminal from where ever we buy it from, so I need insurance, etc for it. Where can I can insurance to bridge this small gap between the purchase and "lease on" time at the tank line?

• We both want to spell everything out in writing so that nobody has an misconceptions about anything, we basically are doing the following;

1. split gross of load pay 38% to him, 62 to truck
2. split detention, overweight, etc 50/50
   
3. truck pays fuel / fixes
   
4. Driver signs 2 yrs commitment to me, after 12 months he can buy truck for book value, after 24 the truck is signed over to him.

We are in total agreement with regard to how trucks are maintained, and what our philosophy is about operations and such. My main issue is that I don't have my CDL A but I plan to get it so that in an emergency, I can drive the rigs. I am looking for thoughts advice on this. Especially the insurance question after buying.

Has anyone ever done this, or something close? Pros and cons? Am I completely crazy?

Thanks in advance,

 

Okay to amend; If you are going to tell me "Don't go into business with friends", please don't reply. I am looking for actual responses. Sadly, it appears that there have been people that get "pimped" on business dealings and that is unfortunate. But when structured correctly with all the Ts crossed and I's dotted, there is a great opportunity here. I read the "I leased my truck......" thread and that is a prime example of someone going in with ZERO knowledge about how things work and what questions to ask. I know for a fact there are success stories out there and those are the ones I want to hear.

Thank you,

 

OK, I can live with this reply. Sorry to those whom I offended, that was not the intention and reading my post over, I can see where I came off as knowing.

• We would not be running under our authority, it will be the authority of the tank line.
  
• It seems that 38% is high according to some replies, what is a more respectable percent (from the the standpoint of the truck owner).
• I do not plan to buy a POS truck and throw someone into it. I understand that trucks require a Sh1t ton of maintenance and now they are taken care of, ultimately will spell your success or doom.
• This is basically a 60/40 split, I, the truck, is basically getting 62% of the load. Unless yur 60/40 split is referencing "everything including detention, etc"
• I do know business, but not the trucking business apparently. I am looking to be schooled a bit on it.

Well, I would like to gather more info and this is a great reply and I appreciate it.

Have a great day,