You've gotten some good advice so far. You should all join the AOPA
and take advantage of their legal plan, then sit down with a lawyer to
set up a non profit corporation. The capt's reply about this was very
accurate. It gets sticky when you want you're initial money
back..... If you plan on doing all this and then selling the plane at
the end, I think renting is the way to go. If you are setting up a
long term situation, take the time to form a club, and do it right.

Doing it the wrong way, or with the wrong people will guarantee a
costly and bad experience. FWIW, and no offense intended, as students
you will be beating up your "own" plane. Hard landings etc. It might
be better to rent until you are landing without having the CFI
questioning their choice of vocation.

Doug