Buying an aircraft works for many people. Others, not so much. Generally speaking, an aircraft is cheeper per hour the more it's flown, but there are still fixed costs to consider: Insurance, Hangar or tie-down fees, and Annual Inspections. Further, I wouldn't by any used aircraft without a pre-buy inspection from an A&P that I myself have chosen.

Lease-back is worth looking into as well. The way it works at the club I belong too, the club manages the aircraft (performs maintenance, inspections, etc) and uses rental fees to cover those costs. The owner then receives revenue from the aircraft should maintenance be less than rental fees or a bill for what is still owed. Further, the owner can then "rent" their own aircraft for only the cost of fuel, but they don't get priority scheduling. Not all clubs and FBOs do lease-backs and of course the terms and conditions vary.

Lots of different ways to get it done.