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While I'm sure the general consensus is don't do it, I figured I'd at least throw this out and get an opinion or twenty.
I have an Archer II in which I've recently upgraded the avionics (GTN650, GTX345, GNC255, dual G5, A/P, etc) and keep IFR current. We've just moved from Pennsylvania to Colorado and are settling in at a new home field (KFLY). After finishing his commercial rating, my son is starting on his CFI and met his new instructor at our hangar. The CFI discussed with him how the instruction would go, what was needed, and was introduced to our plane. The instructor indicated that there are very few IFR rated planes in the area (Colorado Springs) available for rent and none at our home field. He has several instrument students that are struggling to get by with the rentals that are available. He asked if we would consider renting out our plane for instrument training and check rides. While I'm definitely NOT interested in renting out for primary instruction, depending on what is involved, I might be willing for instrument training.
Some guidelines that I would like to enforce would be:
1. No recreational flights. All flights are to be for training purposes and signed off by the instructor.
2. No primary instruction. Instrument training only.
3. Solo flights would only be for the purpose of performing a check ride.
4. Any potential renters would need to be approved by myself and/or my insurance carrier.
5. Require that renters carry renters insurance? Not sure if that is necessary.
There would likely be others. Having never done something like this, what would I need to do to get this setup? Pitfalls, problems, or other reasons as to not do this? I realize, at a minimum, I'll need to get appropriate insurance and probably transfer the plane out of my name into an LLC or something. The plane does not have a lien so there's no bank involved. While I know the only way to make a small fortune in aviation is to start with a large fortune (I don't plan on getting rich from this), I don't want to lose money on this either. It would be nice if it made enough to cover hangar rent, insurance, some maintenance and otherwise, cover the increased operational costs.
At this point, I don't know what I don't know. Anyone have experience doing this?
rayb
I have an Archer II in which I've recently upgraded the avionics (GTN650, GTX345, GNC255, dual G5, A/P, etc) and keep IFR current. We've just moved from Pennsylvania to Colorado and are settling in at a new home field (KFLY). After finishing his commercial rating, my son is starting on his CFI and met his new instructor at our hangar. The CFI discussed with him how the instruction would go, what was needed, and was introduced to our plane. The instructor indicated that there are very few IFR rated planes in the area (Colorado Springs) available for rent and none at our home field. He has several instrument students that are struggling to get by with the rentals that are available. He asked if we would consider renting out our plane for instrument training and check rides. While I'm definitely NOT interested in renting out for primary instruction, depending on what is involved, I might be willing for instrument training.
Some guidelines that I would like to enforce would be:
1. No recreational flights. All flights are to be for training purposes and signed off by the instructor.
2. No primary instruction. Instrument training only.
3. Solo flights would only be for the purpose of performing a check ride.
4. Any potential renters would need to be approved by myself and/or my insurance carrier.
5. Require that renters carry renters insurance? Not sure if that is necessary.
There would likely be others. Having never done something like this, what would I need to do to get this setup? Pitfalls, problems, or other reasons as to not do this? I realize, at a minimum, I'll need to get appropriate insurance and probably transfer the plane out of my name into an LLC or something. The plane does not have a lien so there's no bank involved. While I know the only way to make a small fortune in aviation is to start with a large fortune (I don't plan on getting rich from this), I don't want to lose money on this either. It would be nice if it made enough to cover hangar rent, insurance, some maintenance and otherwise, cover the increased operational costs.
At this point, I don't know what I don't know. Anyone have experience doing this?
rayb
