FYI, it doesn't sound like you were implying it, but just keep in mind your starting cost will be $0, not -$. So you'll have $500 of "improvements" to be made. We have about a $50 car, but don't plan on improving any further because... miata.
+1 to everything OnkelUdo said. This was very quickly my experience when I first started the team. Lots of people who think it sounds cool who make the process as a team captain very difficult. Take $ upfront, have people commit to meeting dates earlier rather than later. Double the amount of meetings you think you'll need. Set expectations very low for your first race, focus on safety and fluids and getting through tech. Have fun, try to not get last, bring lots of beer and good company.
Also, your looking for people who are reliable, financially responsible, and are okay with not getting their way. As mentioned, we always vote. Everyone gets a vote, and my (captain) vote counts as 1.00001 votes. That way if we have 6 people tied 50/50, there is a decision made. I'm thankful everyone on my team agrees after voting and everyones easy-going enough to not try to die on a hill. Also, I would argue 3 people is not enough.. I have around 7 people. 2-3 are consistent, and the rest all rotate. All 7 of them say they're "all in" but the reality is life gets in the way and people nowadays are unreliable.
Full Ass Racing
#455 Piñata Miata - 1990 Miata
#735 BMDollhÜr 7Turdy5i - 1990 735i