Great idea! This is the type of creativity future pilots are going to need to lower costs associated with flying. Turn it into a learning opportunity all around! Form an LLC such as "123ABC Aviation, LLC" to purchase the aircraft. Become the manager, run it like a business, do aerial photography, etc? Keep track of your maintenance hours under the supervision of an A&P to get a signoff for an A, P or both one day. Investigate tax advantages like donating time to charity, medical supply transport, etc. However, always remember the old saying, "If you want to make a large fortune into a small one, invest in aviation. Proceed with caution and do your due diligence!
I've been there and done that! In the end, I considered myself fortunate to break even. However, today the costs of flying are so much higher it certainly is worth a look!
Last edited by hypoxia; 03-23-2013 at 01:31 PM.