Dry lease questions

[Benjammin]

Hello all,

Think I may have found a dry lease opportunity for a c172 in South Florida that I can do my Instrument training in.

I’d also like to do Bahamas trips, and a lap of the Midwest. I’d be the only person besides the owner with access, so scheduling shouldn’t be a problem.

The owner wants a 200hr commitment, which I’m fine with.

What do I need to know?
Should I get a ‘pre-buy’ inspection?
Review logs?
Is this subject to 100hr?
Rental agreement on paper?
Dry rate?
Will my Avemco cover me? Or their insurance?


Thanks in advance for any insight or additional ‘gotchas’ I should look out for...

 

[Ravioli]

Is this subject to 100hr?

No

Rental agreement on paper?

YES! Get it all written down that you'll have x Hours at $y/per hour. Also get written scheduling rules, how any off base maintenance will be handled.
Just like you were buying a percentage of the plane instead of the right to use it.

Will my Avemco cover me? Or their insurance?

Best to be named insured on his policy. Shouldn't cost him too much and it could be included in whatever rate you agree to. I'm not going to opine on a good dry rate for a 172.

 

[Benjammin]

Thank you! I appreciate all of that!