RE: land ownership
"Now I'm faced with a very big decision, take a loan for $25,000 to buy 1/2 (100acres) of bush that I've been hunting for 15yrs (with no road or water access), or basically get pushed out and use what we have for waterfowl only."
Don't want to be the naysayer but consider,
no road or water access. Basically your saying this land will always be worthless. YOu need road access so that at some time in the future it may actually be worth something. Without road access forget the deal. You ain't rich enough to be buying land strictly for recreational purposes. The option that it may be developed must exist for the land to increase in value even if you have no intention of developing it. DEMAND a road easement and utility easement or no deal. As it is you can't even put a house on the place.
Seems like your talking about getting this landstrictly for hunting and not even as an investment(as stated above). IF so consider a lease as you aren't getting any more rightsthan a standard hunting lease would provide.
Forget the partner stuff,you buy 100 acres and your friend buys a 100 acres.Get the survey if needed or use an older one. Taxes etc will all come in the future and risk a possible falling out. Also you areprobably being pushed into this deal in order to carry your fair share by your friendas you been freeloading off his investment for a number of years. He may start expecting you to pay a little bit more of the taxes and costs etc since you also hunt his other land and it will create friction when he sees you paying half the tax bill that he is and getting all of the same benefits,(just human nature). Keep it separate so that you maintain your friendship.
Finally, Look around and see what 25k buys in other areas in the same vicinity or distance from your home that aren't landlocked. If your going into debt for land you owe it to yourself toget the best value for your dollar and this may or may not be it. Maybe your land should be in a different area so that you guys have more places to hunt, no friction with your friend,and the investment potential of the landis greater even if you don't get as much land. Maybe its better to get 50 good acres instead of 100 lousy ones.
Good luck and hope it works out for you whatever you choose. get a lawyer.