OK...let's ask the same question a different way...and bet we get different consensus:
Common Wisdom: Don't lease-back your plane to a flight school.
Discuss.
(Keep the financial aspects to a minimum)
This goes both ways and requires you to do your due diligence.
First off, you have to give up the 'your plane' concept. If it's 'your plane, your baby, your pride and joy' no, do not lease it back. Now if you can consider it a business tool, a capital purchase to provide a return, that provides you a benefit of reduced cost use, then you can start doing your due diligence. Never lose sight of that, it's a depreciable asset that is serving a purpose.
I have seen a lot of these deals, more go bad than go good, however a sufficient number work out well for all parties. First thing you have to research is the principle to whom you will be leasing the plane. Do they have a fleet of long term leaseback planes? Get the list of the other owners and call them, see what their experience is. That will tell you pretty much what you need to know about the person you're about to do business with.
There are two typical models I see in the industry, one works well, the other not so much. The model I see that always has satisfied owners is the "dry lease". You get 20-30% of the hourly, they take care of everything on their dime, you pay full price and get the income back or discounted on rental (depends how the tax accounting is set up).
The other model is the "wet lease" model where you take 70-80% of the hourly, but are responsible for maintenance and insurance. If you are an A&P, preferably an IA, who is leasing out the fleet to the flight school, this can work out very well.
What you want to avoid at all costs is the situation where you are a non A&P responsible for maintenance and the FBO that you are leasing to has the maintenance shop as one of their profit centers. What happens all too often in these cases is when it gets slow and/or there are cash flow problems (mistress needs an abortion) suddenly your plane needs some expensive maintenance.
Everyone I've ever known or heard from who was in one of those deals bled money out their asses, but at least "they didn't have to pay to rent their own plane!" That's the sales hook that sells the wet lease model to suckers. That's why you have to give up the 'your plane' concept first, it makes you an emotional sucker.