A few caveats that may cause you to just roll on past. (1) I don't know anyone named Burt, (2) I have yet to receive my permanent certificate (Sport Pilot), and (3) nobody has made me such an offer.
If Burt and I bought a $40k airplane 50-50 and we determined that with each of us flying it 72 hours a year the total cost. . .depreciation, inspections, maintenance, repairs, insurance, hangar space, fuel, oil, new charts, yada, yada, was $9000 a year. . .which can be broken down to a tad under $60 an hour. . .and we decided that each time one of us flew said plane for twenty minutes on the tach we'd toss a Jackson in the kitty. Legally speaking that wouldn't be a rental. It would just be the particular way that co-owners collected expenses. . .right?
If Burt and I bought a $40k airplane 50-50 and we determined that with each of us flying it 72 hours a year the total cost. . .depreciation, inspections, maintenance, repairs, insurance, hangar space, fuel, oil, new charts, yada, yada, was $9000 a year. . .which can be broken down to a tad under $60 an hour. . .and we decided that each time one of us flew said plane for twenty minutes on the tach we'd toss a Jackson in the kitty. Legally speaking that wouldn't be a rental. It would just be the particular way that co-owners collected expenses. . .right?
