N2310D wrote:

At this time, I'm in an "association" with four other pilots. I can't
really call it a partnership because, in this case, one of the pilots is the
outright owner of the airplane. The other four have no equity in the
airplane. And it is not under any mortgage.

How do you handle insurance?

That agreement sounds like the owner is renting the aircraft to you,
without officially and legally stating that's he's actually renting.

I would think this might get interesting, in a very bad way, if the
airplane gets bent.