Pat:

You need to see your tax professional, and I mean "professional." If you are a member of AOPA, it has a sample lease agreement in the members' section (that you will want to change at least a little bit) located at:

http://www.aopa.org/members/files/guides/aclease.html

If you read that entire article, it will also make you aware of some other pitfalls of leasebacks. However, the main issues you will need to keep in mind are: (1) taxes, i.e., will you meet certain tax requirements to write off the expenses and accept income payments, and (2) maintenance. By doing this, if you take yourself outside of Part 91 operations, then you will be required to meet a higher maintenance standard.

There may also be some legal issues concerning under what state you place your LLC, and whether you could meet a minimum contacts test with that state.

Hope this helps.

Keven
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LovelyWendie