Partnership Question

I hope this is the right newsgroup for this question ---

An A&P mechanic at the flight school I am attending is considering buying a
172M (75/76 model). He is looking for a partner that will pick up the tab
for all maintenance - that is buying repair parts - he will do the labor.
While I haven't seen the 172, I suspect that it has not been taken good care
of. He said it needed painting and a lot of interior work. I have no idea
what condition the engine is in.

My question is, is this a reasonable agreement? I know that there are
probably a lot of questions that need to be answered before a definitive
decision can be made, but good guesses at this point would be more than
welcomed. BTW, I am not independently wealthy :-).

Thanks,

Harry
San Antonio, TX