I'm considering buying a 1/5th share in an older Cessna 172 with around 5,000 hours TT on it. Just looking for some advice and/or common pitfalls from those experienced with these kinds of arrangements. As a matter of background, I'm a student pilot looking to finish up my training and do my IFR in the plane. It's well within my budget and located at my home airport, so seems like a good opportunity to dip my toes into ownership, but just want to make sure I'm not jumping in blind. A few of the specific questions I've thought of: Would you have a pre-buy inspection completed in this case? Would you do a test flight or ask another owner to fly it with you? Specifically with older 172s, are the any particular issues to be aware of?