1) Partner up!
There is just so much work involved in owning a small airplane, let alone the sheer cost of it all, that having another person to share responsibilities is crucial. I co-own N4006H with a friend who I met via a former instructor; we are in totally different points in our lives in terms of kids, careers, incomes, etc. But we share a common love of flying and especially for Mooney aircraft. From there we spent time building first mutual respect, then a friendship, as we went through the process of searching for the right airplane. There really is no disadvantage to having a partner–maybe even two partners–except for our inherent dislike of sharing anything. I’m not saying that partnering with just anybody with the means to buy an aircraft is a good idea. Go get to know this person, talk about what their goals and mission profile will be for the airplane. Talk about jobs and families and get used to sharing info you’d usually keep private, like salaries and medium-to-long term life and career goals. It is incredibly rewarding to share the experience of owning an airplane, but also very challenging, so you have to make sure you will be compatible. On another note, you might wonder how scheduling time works. Generally we check in with each other every week or so by text or email and discuss any planned longer trips in person. So far we haven’t had any conflicts that were difficult to resolve, and I expect we could both fly 150 hrs a year and still not have any trouble.
2) Things break–a lot–so be prepared mentally and financially.
Since we took possession of N4006H we’ve had problems with an oil leak, a broken Com 2 radio, and a failed vacuum pump. These are all relatively minor problems (the vacuum pump thankfully did NOT fail while in IMC!), but they certainly add up, each requiring 1-2 hrs of shop time plus whatever materials are needed for a fix. There are no shortcuts; things break and they are expensive and you will want them fixed right away because you were inevitably planning a cross-country to see your sister next week.