[marssaxman]

That sounds like a makerspace. I started one of those twelve years ago, with a group of friends, and put all my tools into it. We had none of the trouble you describe with insurance or regulations - perhaps such things work differently in the US, rather than wherever you are? The organization is still operating to this day, and while I am no longer involved, it was a good experience which has left me with a lingering sense of satisfaction. If it still interests you, I would recommend taking another look at the idea.