I'm planning to buy a 1946 7AC Champ with 2 partners. All
of us individually own one or more other aircraft. Anyone
have any recommendations for:

1) Things to inspect look closely at. AD's I need to be
aware of, etc.

The biggest deal is the wing spar AD... For a 65 HP Champ,
it's a one-time inspection which should have already been
done... Doesn't hurt to take a good look at the spars though...
Pay particular attention to the wing root and strut attach point
areas...

As is the case with any rag & tube plane, you want to look
for corrosion in the fuselage frame... Unfortunately the most
likely place to find such problems is in the tail area where
it is hardest to look... Feel the lower longerons through the
fabric... Any bumpy spots require a closer look...




2) A good partnership agreement I can look at

3) What insurance will cost.

That's going to depend a lot on how much time you and your
partners have and how much tailwheel time you all have... When
I first got my L3, I had 2,500+ Total Time, but only 30 hours of
tailwheel time... Insurance the first year was $1,500... Now it's
about $900


4) What are they selling for?

Anywhere from $20K to $30K for one in good shape... You can
find ones that will need recovering in a short time for less..

John Price
CFII/AGI/IGI
http://home.att.net/~jm.price