Get it in writing, and witnessed by two neutral parties. All four of you should read the agreement.
If anyone has any questions, explain them and then write them into the agreement. Ideally you should have a tech literate and tech illiterate pair of neutral parties. That way you get tech questions, and non tech questions. That alone should catch any loopholes.
Once made out, make four copies of the document, one for each person.
Personally I don't like to treat my friends as though I'm a prosecuting attorney signing a plea bargain with a murderous crack-head.
[snapback]46456[/snapback]
what if something goes wrong and legal wrangling ensues?!
Get it a handshake deal, but put it in writing
It sounds like he's paying for half of a console system that you will then own. Because if he would already be coming to your house, and you bringing it to his house, he's not really getting anything for his money. That works tho because most of the cost overall will go towards the games.
*edit* Oh, maybe I should have actually read the thread..I didn't realize it was portable. Well, what I said still stands. :p
[snapback]46474[/snapback]
You are committing sacrilege by not knowing about the PSP.