Buying a share is the best way to enjoy cheap(ish) flying in an aircraft you like;
Depending on what a/c you buy (do you have an idea which yet?): if not rent a few different ones).
An ideal group number is 6-7 (max 20 by CAA rules)
You will find that any group members will be just as keen to suss you out to be sure you're not a shyster, as you seem to be of them.
It is vital that you meet as many of the proposed group in person (in a local hostelry over a beer is good).
A good group will have one or two officers (usually retired folk with time on their hands) and it helps if one has an eye for finances:
Most correctly organised groups have a monthly charge which takes care of the annual, any prop overhaul and builds an engine fund, while the hourly charge takes care of lesser things like 50 hour checks.
We've never needed a 'cash call' (I'm gonna regret saying that) but think about what you'll do if you suddenly have to stump up £2-3K if your donk lets go before the engine fund has plumped up.( your potential group members will certainly be thinking this of you)
Will you sell your share? Well it depends on where you are situated and on a ready supply of willing pilots in the area.
Our group operates in a pilot desert in East Anglia and a share usually takes 12 months to sell: But sell it does: Our latest share sold for £500 more than I paid for my share 18 years ago.
The post about having a legal document sounds a good one, though our group has operated on a gentlemens' agreement for 20+ years: The 'officers' are a useful group to take to one side any member who starts taking the pi ss.
One final thought: don't be afraid to be searching in your questions: ask if there's an engine fund and how much is in it. Ask to see the annual treasurer's report.
If you don't get satisfactory answers to these, just walk......
Cusco
Last edited by Cusco; 4th Jul 2014 at 22:53.