Gentlemen;
I am planning to take a 7AC Champ that is currently in many pieces, that is de-registered (not scrapped or destroyed) and rebuild it with my mods and certify it as a light sport EAB. Now ........ the 51% rule. Has anyone had experience in taking on a similar project ? How does the FAA view such a project ? Does purchasing and installing certified airplane parts count as part of the homebuilding process?

The FAA produced a memorandum, dated 5-11-2007, stating that "the act of altering, rebuilding, or performing repairs on type certificated parts does not count toward the amateur builders 21.191(g) major portion determination". Also stating that the old FAA Order 8130.2F, change 3, chapter 4, section 9 has added language to clarify their position.

Other than lying on federal form, what are my chances ? Have not yet discussed this with the local FSDO.