Without selling a share or otherwise giving up ownership of it?
[Couldn't find this discussed elsewhere on the forums, but I can't help but feel like someone must have looked into this before.]
OK, I know I'm going to build an airplane - either an RV-7 or, uhmm, something else. (Take a look at my username, not hard to guess what else I'm considering!) In defining my typical mission, I'm basically positive I'll do the same 85-90% of my flying solo or two-up like I have so far, but with one child in the fam now and another one planned sometime soon, having access to a nice four-seater would make a lot of sense. There are a couple good FBO's in the area (Northern Virginia), so renting is a possibility, but the two that I'm most familiar with both told me they'll only waive mandatory daily rental fees for like a two or three day trip at most (and not at all if there's a lot of demand for the plane - which only makes sense). So, anytime I wanted to take the wife and kid(s) out touring for a week or even a long weekend, I could easily end up spending several thousand dollars for maybe 10 or 12 hours of tach time.
In an ideal world, then, what I'd really like to do is build a gorgeous RV-7 (or whatever) and then enter into some kind of sharing agreement with someone who owns a nice spam can, but wishes he or she could get into a sportplane once in a while. (Sharing hangar space would be really nice, too!) Ideally, we'd each still own each plane independently, but with some arrangement to swap time on an as-available basis: if I took his/her 182 away for a week while he/she wasn't using it, he/she could take my RV-7 away for a week while I wasn't using it. Sure, the devil's in the details, but I hope this gives you the gist of what I'm thinking of.
So, couple questions:
1. Is this even legal under part 91? Since we'd each be getting something in return for allowing use of our planes, wouldn't that by itself kick us into part 135 (or 121 or whatever)? Would my theoretical partner and I be able to work around this by legally swapping ownership shares of each plane to each other?
2. Anybody have any experience with any kind of arrangement like this? [I mean with airplanes, you pervs!
] Horror stories? Happy stories?
3. Do any of the alphabet organizations (EAA, AOPA, FAA, JAA, LMNOPAA, etc.) have any info along these lines? I spent 20 minutes or so Googling various iterations of this - found lots of stuff on partnerships & co-ownerships & so forth, but came up empty on swapping. (Well, not exactly *empty* - let's just call the stuff I did find "off-topic"!)
Anyway, this all makes me think this approach wouldn't fly (pun intended) under part 91, but given the depth and scope of the experience base available through these forums, I figured it was worth a post to see if anyone happens to already know how something like this might work. Any thoughts?
[Couldn't find this discussed elsewhere on the forums, but I can't help but feel like someone must have looked into this before.]
OK, I know I'm going to build an airplane - either an RV-7 or, uhmm, something else. (Take a look at my username, not hard to guess what else I'm considering!) In defining my typical mission, I'm basically positive I'll do the same 85-90% of my flying solo or two-up like I have so far, but with one child in the fam now and another one planned sometime soon, having access to a nice four-seater would make a lot of sense. There are a couple good FBO's in the area (Northern Virginia), so renting is a possibility, but the two that I'm most familiar with both told me they'll only waive mandatory daily rental fees for like a two or three day trip at most (and not at all if there's a lot of demand for the plane - which only makes sense). So, anytime I wanted to take the wife and kid(s) out touring for a week or even a long weekend, I could easily end up spending several thousand dollars for maybe 10 or 12 hours of tach time.
In an ideal world, then, what I'd really like to do is build a gorgeous RV-7 (or whatever) and then enter into some kind of sharing agreement with someone who owns a nice spam can, but wishes he or she could get into a sportplane once in a while. (Sharing hangar space would be really nice, too!) Ideally, we'd each still own each plane independently, but with some arrangement to swap time on an as-available basis: if I took his/her 182 away for a week while he/she wasn't using it, he/she could take my RV-7 away for a week while I wasn't using it. Sure, the devil's in the details, but I hope this gives you the gist of what I'm thinking of.
So, couple questions:
1. Is this even legal under part 91? Since we'd each be getting something in return for allowing use of our planes, wouldn't that by itself kick us into part 135 (or 121 or whatever)? Would my theoretical partner and I be able to work around this by legally swapping ownership shares of each plane to each other?
2. Anybody have any experience with any kind of arrangement like this? [I mean with airplanes, you pervs!
] Horror stories? Happy stories?3. Do any of the alphabet organizations (EAA, AOPA, FAA, JAA, LMNOPAA, etc.) have any info along these lines? I spent 20 minutes or so Googling various iterations of this - found lots of stuff on partnerships & co-ownerships & so forth, but came up empty on swapping. (Well, not exactly *empty* - let's just call the stuff I did find "off-topic"!)
Anyway, this all makes me think this approach wouldn't fly (pun intended) under part 91, but given the depth and scope of the experience base available through these forums, I figured it was worth a post to see if anyone happens to already know how something like this might work. Any thoughts?
