Claiming a Horse

[DerbyCat]

I've decided that I want to do more than just watch and bet on the horses, it's finally time for me to be a horse owner. I've been talking with a friend of mine who is a trainer here in northern California and I've decided to go in with him and another friend to claim a horse. For those of you that have been in this business a while, what advice would you give a newbie owner? I've talked with several friends in this business and I understand the "business" side of things but I still don't know everything and would love the input of you DTers that have done this a while. Thanks in advance for any insight you can provide.