There was a recent discussion
here of just instructing in one's own plane that included some talk of leasing the plane back.
I would not do it with my plane. I'd rather find two or three good pilots and form a partnership. If you know the other guys well, it can be as simple as just agreeing what to do around the table. Otherwise AOPA probably has some good partnership agreements. I can't fly the plane enough so having a couple of partners is beneficial. I want the plane to fly at least a few hours every month.
Primary training, however, is very hard on the plane and I would not want to let an FBO have it for general rental. If I had to put the plane up for rental to afford it, I wouldn't buy it in the first place and would just rent. You're probably ahead financially renting if you don't fly maybe 50 or 100 hours a year. When I was in college I worked at an FBO fueling planes in exchange for flight hours. I saw just how bad a plane can be abused when it is flown by some students that have no regard for other people's property and really find it funny to do bad things with a plane. Most are not like that, but it just takes one to mess everything up.
The nice thing about owning is having the plane always in good shape and available. I am always pleased when my bird starts on the first try, just like a car, rather than have the engine turn and turn as it happened with most of the planes I rented. I also like the shape the plane is in inside and out. I don't have to worry about someone throwing up in it (I've seen it happen to many first time flyers and students doing unusual attitude training). These intangibles for me make up the difference in cost between renting a few hours every year vs. owning. They would go away if I put the plane up for rent at an FBO. The nicer the plane, the less I would be willing to let casual renters use it.
