While this form of ownership is not widely used, leasing a horse can offer several advantages, and is certainly just as much fun.
Comparatively, leasing requires very little capital. Ordinarily, the lessee simply assumes responsibility for all costs associated with the board and care of the animal during the term of the lease. In exchange, the lessee enjoys the benefits of ownership, with the obligation to share some of the benefits with the lessor per the terms of the lease. Depending on the purpose of the lease and/or the type of horse leased, i.e., racing prospect or broodmare, the parties may share in revenues derived through racing or sale, or in the ownership or management of progeny.
It is recommended that a professional be consulted before entering into a lease. There are several issues that deserve special attention, and may be overlooked without professional consultation.