Not trying to sound like a jerk to ya man but what the logical thing to do would be to split the land in half and you buy part and he buys the other part.
Example: You, bob, and steve want to buy 500 acres of land. Well instead chop that 500 acres into thirds. We did something similar to this years ago. My dad bought 240 acres all by himself with the intent of selling 110 to a friend. My dad and friend carved out his 110 and he owns it. But we hunt all 240. It's just in the end my dad owns half and his friend does too. This financially allowed for everything to work and no disputes on what to do in the end. We did this to avoid most of the responses found on this thread. Good luck