Wow. Reading this makes me glad I'm in the club I'm in! Well-equipped planes, GREAT availability (which leads to me flying more, and further - Trips from Madison to the East, West, and Gulf coasts), no squabbles, buy-in is generally $500-$1,000 but equity value of the shares in a liquidation situation would be around $4,000 right now, members are named insured on the club's policy and do not need to carry their own insurance, based at a great airport with great controllers... And yes, we do have some shares available right now.
http://www.capcityflyers.org/
I'm actually in two clubs, the other is non-equity but is dirt cheap and has their own airport. (It's also a ways away from me now.
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Now, as to what you need to know:
First, what type of club is it? "Clubs" run the gamut from a two-person, one-plane partnership (not what I'd call a "club" but some would) to massive groups like the Aspen Flying Club and the West Valley Flying Club which have dozens of airplanes and hundreds, probably in the thousands, of members. Some FBO's run a "club" which is not really a club but is a way for them to get you to pay them every month even when you don't fly, in exchange for somewhat lower hourly rates.
Most commonly, a club will be either several people with a single airplane, or a few dozen people and a handful of airplanes. Some clubs are equity clubs, where you own part of the club and its fleet, while some clubs are non-equity clubs where you don't. So, find out what the structure is, how you get into the club, and just as importantly what your options are for getting out of the club.
Second - Fleet size. How many airplanes and how many members? With only one airplane, even 8 members can bee too many to have good availability, even if some of them don't fly much. With more airplanes, you can handle more members per airplane. In a 30-member, 3-airplane club for the last 6 years, I have had *one* instance where I have wanted to fly and couldn't, and only 3-4 times where I didn't get the specific airplane I wanted and had to fly a different one. In a ~200-member, 8-airplane club for one year, I have gotten the plane I wanted every single time but that's partially because I got checked out in their complex and tailwheel airplanes and never bothered with the 152's, 172, etc.
Third - Condition of fleet. Is the paint bad enough to cause corrosion worries? Is the interior bad enough to rip your clothing? Do the airplanes leave puddles behind or run poorly? Who is in charge of maintenance, and what is the policy on fixing squawks? How do you squawk something? If you're satisfied that they keep the airplanes maintained properly, how are they equipped? Do they keep their GPS databases up to date? Are there plans in place (financial and otherwise) to upgrade the planes and overhaul the engines?
Fourth - Rules. How do you schedule a plane, and what are the scheduling rules? Are there restrictions on flying to unpaved and/or private fields? Any other restrictions on flying? Daily minimums? Initial checkout requirements? Currency requirements? Must you use a club CFI, or can you use your own CFI? Get a copy of the club bylaws and operating procedures and read them carefully.
Fifth - Costs. Initial membership cost (and do you or can you get this back when you leave the club)? Monthly dues? Hourly rates, and how often do they change? Do they bill by Hobbs or Tach time? Do you have to pay in advance, at the completion of a flight, or the end of the month? Any discounts available for pre-paying?
Sixth - What If's. Are YOU covered as named insured on the club's policy, or do you need to carry your own non-owned aircraft policy? What happens if there's an incident? What happens if you have a maintenance issue away from the home drome? What if you have to divert for weather and can't have the plane back on time?
Hope this helps. Flying clubs are the cheapest way to fly, as long as you do fly, and can provide a lot of the benefits of ownership without a lot of the uncertainty and risk. I have become a MUCH better pilot because I've been in the club(s) and have better access to nicer planes, and lower costs. So, I fly a lot, and I go places. If you can find a good club, I can't recommend it strongly enough!
