Also...
For new guys that are interested. You can get yourself acquainted to bunch of local guys that should be happy to help you out. There is the following...
North American Model Boat Association (NAMBA)
Nationwide and Canada. Most wide spread organization
http://www.namba.com
International Model Power Boat Association (IMPBA)
Largest Organization but concentrated in the East and more so in the SouthEast
http://www.impba.com
American Power Boat Association (APBA)
Nationwide but very sparse in membership. Mostly focused on full size racing.
http://www.apba.com
These groups aren't just for racers. However, they do run events all through the year and have several fun days and weekends when anyone can come out and just fun around. They all run electric, gas, nitro. NAMBA even host Battleship seek and destroy competitions. There is usually a wealth of knowledge available at such events and sites where people are often willing to share what worked for them including equipment.
Also... They all provide insurance so that you are covered either primarily or secondarily after you own insurance runs out or primarily if you are not insured, should any mishap take place to yourself, a spectator or the property you run at. NAMBA just has it for $45/yr. I am sure the others are around the same.