Weasel
Well Known Member
Interested in hearing input and advice on how a fella would go about renting or leasing houses and hangers on a personally owned property that has a runway in north Mississippi.
Currently I have a late model house with 2 very nice hangars and a 2400 ft runway on 45 acers, that we would like to pursue renting or leasing....might even sell it but that is outside of this discussion.
If I rent the house and some space in the hangar to someone, what precautions should be taken to ensure any casualty on the property would not become a liability? Can it be as simple as requiring a waiver to be signed?
Obviously a lawyer would consider it a for profit operation due to charging rent or at least I would think that...?
To get an idea few pics included. Also depending on how easy it could work out I would consider building additional housing and hangars for rent/lease.
When I ask around, most of the information available seems to be focused around forming a joint ownership of the property such as an airpark. This is not what I am pursuing at this point.
Currently I have a late model house with 2 very nice hangars and a 2400 ft runway on 45 acers, that we would like to pursue renting or leasing....might even sell it but that is outside of this discussion.
If I rent the house and some space in the hangar to someone, what precautions should be taken to ensure any casualty on the property would not become a liability? Can it be as simple as requiring a waiver to be signed?
Obviously a lawyer would consider it a for profit operation due to charging rent or at least I would think that...?
To get an idea few pics included. Also depending on how easy it could work out I would consider building additional housing and hangars for rent/lease.
When I ask around, most of the information available seems to be focused around forming a joint ownership of the property such as an airpark. This is not what I am pursuing at this point.
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