That's a fact, Ron. It lasted all the way to the crash site...after which I got a big fat check. Luckily, no-one was hurt in the accident, although the plane was totalled. It really could have gotten ugly. If someone would have gotten injured or killed, they could have sued the last mechanic to work on it, the owner, the IA that signed off the last annual, and the flight school. I would have been hit on three of the four counts. Luckily, it was handled through the flight school's insurance which would have defended everything, I hope.
Tom...if you're not comfortable with the leaseback arrangement, then don't do it. It's not worth it. In my case, it afforded me the privilege of owning a plane, I made some money at it, and ended up with a decent plane, all paid for. Leaseback works best for mechanic/owners. If I had to pay for all the maintenance, it would have been difficult to stay ahead.
That said, I wouldn't mind having two 152's on leaseback. It did make money.
