NetViper... I helped run a few autoxes out in TX. It's a ton of work.
-Permission for lot.
-Rent.
-Insurance (and they are strict on who can be in/out of pits, waivers, etc). Ours was around $150/event and our club had a 50 year no (reported) accident history. That was a 1MM policy, I believe. Most lots require insurance and do not want to bear any sort of legal risk (insurance isn't a total umbrella).
-Timing equipment
-Cones
-Results
-Publicity
-Safety
-Set/up tear down
If you could get a team of 5 or so people together I think that'd be a minimum for just setting up and getting things done. Timing equipment is very expensive and you'll want spares. Timing software isn't that bad -- around $300 for something decent. Cones are going to be a big cost. Of course, transporting it all and setting up command and control is tough as well.
We incorporated as not-for-profit in the state of Texas (through the TX Sec. of State). We had to draw up a charter and elect a board of directors every year.
Even with all this, the BoD and all members do take on legal liability. Things like the volunteer act and insurance do not completely cover risks. Even with waivers (which we had a double-redundant system for).
And, of course, don't forget tech inspections...
It's a lot of work! People will come out and if the course is too tight or things don't run quickly they tend to complain. Few stay to help pick up. However, it's very rewarding, IMHO and I would again volunteer to help run autox events if I'd start getting up early on Sundays again
Good luck...
-Matt