Flying Club with Experimental Aircraft

I know that you can not use an experimental airplane for hire or for a
rental or use it for flight training (unless you own the airplane and have
an instructor that will fly with you or you use the exemption for transition
training), but what would keep you from forming a flying club using
experimental airplanes? Each club member would own a share of the airplane
so they would not be renting the airplane when they use it. The by laws
could be written in such a way that had no reference to rent per hour.
Specify that the cost per hour was specifically for maintenance, hangar,
insurance, and fuel.

I would like to start a small LSA flying club (+ school for light sport
pilots) and have a hard time putting my arms around a $75,000-100,000
Special-LSA. I do not want students tearing up a tail dragger, so I think
(for my needs) it has to be a tricycle gear airplane. So what are my
options? I could plunk down the $75-100K for a new S-LSA or I can find a
1940's Ercoupe (only C or CD models are LSA compliant) for about $25K.

Would it be possible (legal) to create a flying club that consists of
experimental airplanes that meet the LSA requirements and use those
airplanes to train light sport pilots? The club would be a LLC and each
member would be a share holder in the company. Only club members would be
authorized to fly the airplanes just like every other flying club. There
would be a one time share purchase requirement (maybe $500-1,000), monthly
dues, and per hours costs for using (not renting) the airplane. The club
member could terminate their agreement with XX days notification and receive
a full refund of their share purchase price.

I am talking about an airplane like a Zenith 601 or something similar (would
really like to see that new RV-12). I would not skimp with the FWF set-up,
I would use a well proven set-up (O-200, O-235, 912/914 Rotax, or 3300
Jabiru). A proven aircraft design with a proven FWF package should provide
for many safe hours of operation. Yes I could buy a S-LSA 601 for about
$75K + required extras, or I could build the same thing for $45K and I could
maintain it myself (not a huge concern since I am an A&P).

It might be impossible to get insurance, I have not contacted anyone about
this yet.

What else would keep something like this from working? (please be nice)

Jeff
Dragonfly MK-IIH - N41GK