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About phrogpilot73

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  1. My wife and I are completely prepared to walk away from the $3200, the way we look at it - don't have to worry about scheduling as much as with the local FBO, meets our needs for useful load/range/speed, and we're going to have fun if nothing else. He and I both agree an agreement needs to be in place, and we're definitely going to include right of first refusal, and out clause, etc. I've joined AOPA and am going to start getting working on that. Thanks for all the info guys, you made me realize I'm NOT crazy - but I hadn't thought of everything!
  2. The leaseback thing is what the insurance underwriter explained. Our "rough" (again, we've only talked back and forth about it) agreement is: 10% Buy In 50% Hangar (unless it's moved to NC, then it's 10%) 50% Upgrades (unless we can't agree on the upgrade, then it's up to him 100% - i.e. ADS-B, I want a new transponder, he wants the wingtip light) 50% Flight Hour based maintenance (we're going to define this more, but 100 hour, etc) 10% Calendar based maintenance 10% Insurance (insurance would be lower if I was the primary - I have 2,000 hours and a CSEL, h
  3. Oh yeah, as everyone is bringing up things I didn't even think of - I'm joining AOPA and getting their help. I don't THINK this guy will screw me (he approached me about buying it outright, just before I got my medical so I was still hesitant), but there's always the case that he does.
  4. WOW! Thanks for all the quick replies... The 10% rule was what the insurance underwriters said. That they wouldn't cover a loss if I've paid for anything, unless I'm a minimum of a 10% owner. I've been debating about an AOPA membership for a while, and I guess now I'll have to pull the trigger before I put any money down. No money has changed hands yet, and I even told him that if I do buy a stake - it's going to be a cashier's check going direct to the lien holder. We've been talking a lot about what each of us would be willing to agree to with regards to shared costs/use of the
  5. Long time lurker, first time poster... My wife and I have been planning on buying an airplane for a while, and my father had said that he wanted me to purchase a plane with my inheritance. We were looking at Cherokee 6/300's until Dad died, Mom got the estate... And quickly started changing all of the beneficiary allotments to favor the grandkids over the kids. So - our price point has changed for shopping. Anyway, a friend and coworker of mine owned a 1962 M20C and offered to sell it to me. I didn't have a medical at the time, and didn't have a timeline to get it back (long st
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