Buying to hire out
I've just embarked on my PPL, I was weighing up the price differences between the usual 3 options; owning, part owning or school plane.
Whilst I was at the flight school we got talking about a plane i viewed and I was interested in, the school said i fi got a plane he would be interested in hiring it from me. However the one i looked at was a 50% share and the other guy isn't interested.
They said if I get a plane and put it in the school, they will pay £35 for each hour they put on it, guaranteed 500 hours per annum. This seemed like a decent deal to me, however I am new to aviation and i'm sure i'm missing a few vital points.
They propose I insure, hangar and maintain the plane. They use it for flight school, I use it to do my PPL and I just pay for an instructor and my own fuel.
I have spoken to 2 people so far, 1 said sounds a crap deal to me, the other said yes this sort of thing happens regular sounds fine but get a contract.
I discovered today it needs to be registered as public transport or something and a higher standard of Cof A. I'm not sure what all this entails and i'm finding it hard to unearth information.
Any advice and information anyone could spare would be greatly appreciated as i dont want to end up with a white elephant.