How do I change planes and location mid-air?

We could do this in P3D and FSX. Can this be done in MSFS?

 

Also, how do we save a flight mid-air? Thank you.

To change planes, the only way I know how to do it is to switch into developer mode and then change out.

Saving a flight mid air though, When you hit your escape key, it comes up with the menu screen and at the bottom it says Load/Save. Never tried it though.

As oneleg said, just hit your escape key, then the spacebar. It will as you to either save or load. I've used this extensively on long flights or when I think I might crash. I have saved three files: Current World flight, Current US flight, & Current Helicopter flight. Works great. Saved my behind many times. Good luck & safe flying.

The only downside of the 'Load' option is that you can't edit weather or time / date mid flight like you can when creating a flight. I find this rather frustrating.