I am trying to put together a group to lease a 2003 AMD Alarus to be based at West Houston Airport. The costs will be very low, making this very affordable flying. Right now, we are limiting it to certificated pilots only. You can find more info on the plane at www.newplane.com, but the basics are 2 seats, 600 lbs. useful, 100kts at 5.5gph. The panel includes a Garmin 430, 340, and 327, and a KX-155. If interested, please contact me and I can get you more specifics.
Andrew, you may want to post over on www.houstonspotters.net, there are a couple of guys over there that are looking to get in on an aircraft. I'm not sure if they'd be interested in this one, but it's worth a shot. They're closer to Hooks airport though. It sounds like an interesting proposition, but I'm not in a financial position right now to do something like that myself.