Brian,

There are some very good guides on how to protect yourself when you buy a used airplane; I'm putting up this reference because I can find it fast: http://www.avweb.com/news/pilotlounge/182682-1.html

Also check to see what AOPA and EAA have to say on the subject before you start your search. When learning to fly, a student is not taught what s/he needs to know to buy or own an airplane; nothing about the regs (the owner is responsible for maintenance) or what to do to protect yourself. Ownership is not on the written or the checkride. So, it means doing a lot of homework and being careful, because there are a LOT of poorly maintained airplanes out there. I have been looking for an airplane to buy into in a partnership. A few months ago I thought I'd found one, everything looked good. The prebuy found $10,000 worth of airworthiness items on the airframe. I was very glad I paid for the prebuy as I walked away from what would have been a bad buy for me.

Also, strongly recommend you don't fall in love with a particular airplane, it can really blind you. I just flew one I liked last Saturday. I'm crazy about it, but it has 30-year old linen fabric and is open cockpit - so it just doesn't make sense for me...but I really liked it. I'm in the midst of the process of talking myself out of something would cost me way too much money and I couldn't fly regularly. It's tough to do. I really like it.

Best regards,
Rick