Private aircraft rental

[AntiNakedMan]

I am looking at purchasing a 172. Mostly to fly around (surprising, hey?), take friends flying, etc.

I have many colleagues that are pilots as well and like to fly. I am considering allowing them to rent my future plane.

Obviously, the plane would be insured for whatever pilots would fly it, or they would need to meet certain criteria (experience, check out, etc).

I would not be giving any instruction.

Can I do this privately or do I require an AOC?

I know this has been hashed a few times but was having trouble finding anything clear through a search. Any insight is appreciated.

Cheers!
Anti

[Colonel Sanders]

No OC required. Lots of people do this. A
good example is the Brockville Flying Club
in Ontario, south of me.

No instructor. No flight training. I think they
have a CPL to do checkouts. Licensed PPLs
pay to fly it. Very reasonable rate, IIRC.

Note that in this circumstance, it is perfectly
legal for flight instruction to occur, as long as
it is NOT ab initio (PPL, RPP) AND the instructor
is at "arm's length" from the aircraft owner.

A friend of mine did some part-time instruction
at Brockville - he out west now, flying King Airs -
and we researched this.

Remember, NO ab initio instruction. No student
pilots. If you have student pilots, you must either

1) have a CAR 406 FTU OC, or
2) the student must be an owner (or immediate family of owner)

It's pretty simple, really.

[Bede]

I second Col's opinion. No OC required.

You can even charge whatever you want (gasp! a profit motive).

Just make sure all the pilots are on the insurance or have them provide there own insurance.

[photofly]

If you intend the rental to be for-profit (i.e. charged at more than the hourly running cost) then let your insurance company know.

[AntiNakedMan]

Thank you all for the quick and informative replies. Much appreciated!

Anti