Multi-time sharing. . .any do's and don'ts?

[check6]

I'm thinking of getting involved in a multi-time sharing deal with a friend of mine. Any suggestions? Would this investment help me?

 

[Ralgha]

What are the details of the "sharing"? Safety pilot? Some airlines are starting to ignore safety pilot time toward meeting their minimums.

 

[Rez O. Lewshun]

Don't log, like I did, 2.0 hours of total time and multi time and one hour of PIC.

 

[W.S.C.O.D.]

What do you mean by "multi-time sharing"?

It may be you could get your MEI?

I think about 100 hrs multi pic would get u into an RJ.

 

[Swass]

If you're thinking of buying, check with FN FAL on what not to do and how to cover your ass with partners. He's been down that road.

 

[FN FAL]

If you're thinking of buying, check with FN FAL on what not to do and how to cover your ass with partners. He's been down that road.

It was a windy path, with lots of rolling hills, pot holes and many thieves waiting along the way.

I was just thinking about this one yesterday, as I was mulling over the shoulda coulda wouldas on that twin cessna partnership I was involved in. (imagine that, that thing has been gone for over 5 years and I still think of it...imagine side show bob shudder, here.)

Here's something that will possibly protect you...form an LLC for yourself and have your partners form one for themselves. Draft up a partnership agreement on the plane and form a separate LLC for that. You want to structure separation, so that in the event of a lawsuit or financial problems, it can be plainly seen who is who and what is what.

And I'll tell you why...

We financed our twin in our own names...Tom, Bob and Barney. When the S.H.T.F., the bank and the courts didn't care about gentleman's agreements, made over beers the night before the loan papers were signed.

If you have three names on the loan and two guys leave you holding the bag, the bank is going to want ALL of the money from the guy left standing. It's not their responsiblity to determine 1/3 or 1/2 owed.

You need to go into the bank with a partnership agreement and structured incorporation documents, so that if something bad happens, the bill is divided evenly. If you have to, secure three separate loans...that way each person or "corporation" has to take care of their own end, when things go south.

In addition, never partner with anyone on an airplane, that you wish to keep as a friend after the partnership is dissolved. Trust me on this one.

 

[P-Dawg_QX]

If you're looking for a cheap way to build your multi-engine time, do what some guys I know did - Get a group of 4 people together, go rent a 4-seat light twin, go fly around, swap seats from time to time, split the cost 4 ways, and each log it all as multi PIC.

These guys are all RJ captains now.

Amazing what a little dishonesty will get you, huh?

In all seriousness though, if you're trying to build multi time, try to hook up with an MEI...that's the only legal way for two pilots to log multi time that I can think of (in an airplane that doesn't require two pilots). I'd be interested to hear if anyone else has any tricks up their sleeve, that doesn't involve being a safety pilot.

 

[Ralgha]

In all seriousness though, if you're trying to build multi time, try to hook up with an MEI...that's the only legal way for two pilots to log multi time that I can think of (in an airplane that doesn't require two pilots).

Unless you're actually giving/receiving instruction, it's not legal. People have gotten in serious trouble for this.

 

[vclean]

Are you buying or renting?

 

[nosehair]

In all seriousness though, if you're trying to build multi time, try to hook up with an MEI...that's the only legal way for two pilots to log multi time that I can think of (in an airplane that doesn't require two pilots). I'd be interested to hear if anyone else has any tricks up their sleeve, that doesn't involve being a safety pilot.

Be careful on using an MEI to log a whole bunch of time that is obviously "double-logging". Besides the fact that airline interviewers can sniff that out (and that doesn't take a rocket science brain), I remember a thread some time ago that said a couple of MEI's had their certificates revoked for double logging dual that is not actually flight training. That was like a couple hundred hours or something.
Your mileage may vary.