C-152 Leaseback: what's the scoop?

The owner of FBO was a family member's partner on the police force, is a
retired Marine, former mayor, retired sheriff, city commissioner, owns a
successful FBO and the fuel operation. Did my IFR, Commercial and will
have finished my CFI with him very soon. His integrity and honesty are
unimpeachable.

Right now he only has one C-152 in the fleet because the previous owner
with a leaseback arrangement sold out for a larger aircraft. So there
are four IFR 172s, and Arrow, a 182 and a 310, but only one primary
trainer. There are a number of CFIs who are keeping busy enough that in
the summer you have to book the airplane out a week in advance, so
there's no shortage of work, and I will be working out of there as an
independent instructor as soon as possible.

Prospective students are heading over to the more expensive "academy"
because they have 152s available, but the training and rental fees are
ridiculous. Seems like a leaseback on a 152 would be a win-win situation
given that my family has known and respected him since shortly after
World War II. He did most of my ground school gratis--does that for
most--and except for a flat $100/mo. fee, the instructors keep 100% of
the hourly instruction rate.

I hear all kinds of horror stories about leasebacks, but this seems like
a much better than average prospect but I want to make sure I know what
I'm doing before I get into something like that.

Comments/experience?

Thanks in advance!

-c