I note it's a non-equity group, so you will not have owner liability. Have you seen the full terms of the insurance policy, including any small-print? Do you know the date of renewal, and the payment system? ( If payed monthly, a missed payment might affect validity.) Do you know the date of airworthiness renewal? Insurance will be invalid if that is missed. What access will you have to the maintanance record? That could also invalidate insurance.
How much flying of the aircraft will the owner be doing? How much owner experience does he/she have? What do you know about the owner?
My experience is 19+ years with a small shared equity group, where it is easy to keep a check on things, as the records guy is also the booking co-ordinator.