All excellent advice.
Here is where it I am:
The lake is going to be purchased by our family, its going in an LLC of course. There won't be partnership issues with the ownership so I have that covered. There is currently a club that uses it. The club is going to remain at the lake, probably will need to add a few members to make the numbers work. There are no deeded rights to use the lake.
Not much grass to mow, maybe an acre. The club already has a mower for that.
I understand that it will take effort as far as work and relations amongst the membership.
The shoreline(s) of the lake will need work over time and I think we can just do a bit each year. The city is behind us on the whole thing. Its got great potential for tournaments due to its proximity to highways and ample spectator parking and viewing area.
Everything seems to be going pretty good with the whole deal and seems to be a win for everybody involved.
Nothing good in life is ever free or easy, thats how I look at this deal.
Tim