Of course you could always have a gentleman's agreement.
Keep everything in one person's name. Everyone still pays their initial cost share.
Get insurance to allow anyone to drive it.
State that it is for recreational use only with limited miles per year (for insurance).
Anything that needs to be repaired, split it, no matter what and when. If something breaks due to the operator's negligence, the person that broke pays. I'm not talking about the trans giving up, I mean simple things like tearing up a rim or tire on a piece of driftwood.
It gets sticky when you want to upgrade something, like putting in a stereo. Everyone has to agree on it, or the person that wants it simply pays for it in it's entirety.
After each use, the operator tops off the fuel and checks the oil.
The tires and undercarriage will need to be inspected after each use too. This will allow time for repairs instead of trashing the next person's day on the beach.
This is the type of agreement where you look into their eyes during the handshake and KNOW they are true to their word.
A lawyer would eat this type of agreement up if anything ever went to court.
Just my two cents, but it's how I have always done things.
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