Here's the update after making some more enquiries.
My accountant thinks Limited company is the only way to go and he highly reccommends I buy 2 or more. 2 Planes i've seen are available and the right price/hours/condition etc.
If I put these 2 into the flight school they will be the only 2 "2 seaters" so using the other planes 1st isn't really an issue.
Thanks for all the feedback so far, albeit guite negitive. Has anyone ever made this pay or break even?? Or are you just keeping it to yourselves you sneaky dogs?
Tonight i'll sit down with cash flow forecast and see where that leads.
Keep the comments coming.