So a bunch of us from my acting class may be doing our own show in a few months. A friend of mine is just plain uncomfortable with the director we have in class and when we were doing scene work last semester, my GF was taking on the role of director and did a fabulous job with the scene my friends did. Anyways we decided maybe we could do a night or two with a one act. Maybe get another group in on it and have then do a one act as well so as to make a show of it.

What i'd really like to know is the logistics of doing this. Obviously we don't have a theatre so we'd have to rent a space. We wouldn't have to worry about a stage manager per-say cause there wouldn't be much to manage and it'd be a set light sequence...only need a fade up and out.

Should I be aware of anything hidden with costs of doing something like this outside of space rental, and royalties?

ITA!  Publicity is what will cost you the big bucks.  Also take the time to send out PSAs to all of your local radio and television stations.  Perhaps doing some Press Releases would help as well (PR Wire charges a small fee, I understand)

HTH