Originally Posted by
sigep_nm
be careful logging the time as dual instruction while you are splitting the cost. The FAA may not see this as legitimate instruction, and THEY will punish you if they find out. I will try to find the link to a couple of cases that are exactly like this in which CFI's/MEI's lost their privilages for a period of time. Also the place that you are renting it from may have rules against this in their rental agreement.
I think if there's instruction going on it's legit. I don't care if it's ATC procedures, instrument approaches, basic instrument attitude flying, how to fly an autopilot, GPS ops, etc. I've done this with my flight instructor buddies doing IPC's and BFR's for each other, we fly the same as when we fly with students. There's always something you can teach someone else, even if the person receiving instruction is an MEI or ATP.