Is it possible to create sucessful startup with one guy working f/t other in school?

Of course, there is no reason (listed) why you two could not make a successful startup. You do need to be careful getting into a serious commitment with someone you just met - just like if you were going to marry someone.

Get everything in writing so you are both very clear with what the other is thinking. The worst is when you get 6 or 12 months down the road only to find out you were thinking completely different things. I'm talking here about finances, strategy, marketing, production, and everything else. Leave nothing out.

Starting up a company often takes a lot of energy and your end result will be a product of how hard you work on it. If he is flaky, then you should address that with him at the start, not later.

Starting the firm on a 50/50 basis is the most common but make sure that you are both going to put in similar efforts.

I personally don't think there is anything like standard way to start up a company. There are so many ways you go about things, but what ultimately matters is to build something successful by putting lot of your time and effort into it. If you have a day job which allows you to spend some time working on your start-up so be it.

Some people invest savings and work full time; some people work part time with a days job; some people start at uni.

Just do what works the best for you and make sure you organize your work properly and allocate it to individuals equally so everybody contributes respectively within their area of expertise.

I think it's good to have the talk about the whole thing again and see if both founders are on the same page and consider this as a priority in their professional career.