wrote:

I fear that I will be jumping out of the frying pan into the fire.

How long does take to get the bugs and issues worked out of an
older plane once purchased...
a)Never,
b)Its always perfect
c)Somewhere in between?

Lastly in a case of an issue like #4 what do you do if the mechanic
doesn't find anything?

Are these all the same plane? or different planes?

Who manages the maintenance? the owner? the club? an FBO that serves as
the broker for the leaseback (if not club owned aircraft).

When you say flying club, I envision a cooperative entity, not for
profit, run collectively by members or a volunteer board, with no paid
staff.

The club I was in (currently inactive) is selective about aircraft, has
squawks addressed promptly, and planes that become problem-children tend
to be weeded out fairly quickly. The owners were responsible for
having/paying the maintenance performed at a mechanic of the owners
choosing, but the club specified the minimum requirements (which were
essentially the same as if it was in for-profit use - 100 hr inspections
and such).

A general rule I've seen thrown around is about 200 hrs a year to make
ownership financially breakeven compared to rental (without any BIG
uh-ohs coming up).

Pros include knowing that YOU are where the buck stops with regard to
maintenance decisions and upkeep. If you have a tight month on money,
the hangar rent/tiedown rent/insurance bill comes due, as does the plane
note. You may spend a lot of money and never fly. You ALSO may come
across the deal of a lifetime and get a plane that will suit you well
for many years to come. Look for airplanes that fly often, and have well
documented maintenance, including compliance with AD's.

Another hint I've had thrown out to me.. the best deals are advertised
on bulletin boards at the airport.. not on the net or in glossy picture
magazines. Look around. Find a partnership - you arent't going to fly
every day are you? Sharing with one other or two other people may work
out just fine, and split the costs 3 ways. If one of them is an A&P then
thats even better.

Dave