Cessna 210 - LEGAL or ?

I have a question about some of the legalities of what I am in the process of doing. If anyone can point me in the right direction I welcome and appreciate all opinions and advice.

I am in the process of purchasing a Cessna 210. I have 3 signed 1 year lease agreements with pilots in my area. I have a $1200 deposit from each pilot and when I reach 6 pilots I will purchase the aircraft. They agree to $600 per month for a year for 10hrs per month. Any hours flown over the 10hr allowance will be an additional $60 per hr. Insurance, Maintenance, Hanger, etc. are all included.

For me, that covers the cost of the plane, hanger, insurance, and a hefty maintenance reserve. However, I will/can still make a profit depending on how I structure the maintenance reserve.

Is there any problem with the way I am structuring this? And other than paying taxes and making sure my insurance is covered correctly... Is there any problems with making a profit from this?

Thanks to anyone who can help.

tatermunk wrote:
[snip]
Is there any problem with the way I am structuring this? And other than
paying taxes and making sure my insurance is covered correctly... Is
there any problems with making a profit from this?

"profit" means this is now a commercial venture? That means 100 hour
inspections, not an annual, true?

1. Contact AOPA for advice
2. Contact a contracts lawyer for *real* advice