Thanks for the input.
I will definately do a business plan and perhaps get a professional involved in that. The only competition for the gym right now is a small gym at the local college. The college is building a rec center in the next few years, but I believe there will always be a need for another place to workout in town. Most people dont want to work out with a bunch of loud mouth college kids. I know that I dont and I am close to that age.
My ideas definately dont include any glitz. Basically, we would just need a building the size of the one being rented now and room to add racketball courts.
If I do the partnership, everything will be covered in writing. We will have a lawyer do all the paperwork to make sure everyone is protected. The business is already incorporated and pays divedends on a monthly basis to the owners. I plan on checking to see if an S Corp or an LLC would be better suited for the business. I already talked to the partner who is staying in the business if I dont buy it all and he is checking into the same thing.