I've gone through AC 20-27G and it doesn't specifically address this. I want to buy an almost finished amateur built aircraft. Long story here, bear with me, but this is the type aircraft I have been looking for.

The aircraft is a kit built helicopter that can be built as either an ultralight and operated under Part 103, or built as an E-AB and flown under a Special Airworthiness Certificate (SAWC) in the Experimental Category. The aircraft I want to buy was originally built and flown as an ultralight for about 300 hours. The original builder/owner then upgraded the engine, tanks, and other hardware, which moved it into the E-AB realm (helicopters can't be LSAs). The builder has finished the changes, but now has decided to sell and he has not yet submitted a Form 8130-6 (Application for Airworthiness Certificate (Amateur-Built)).

My question - if the builder will submit the application and pass the FAA inspection so that a SAWC and operating limitations are issued, can I buy the aircraft at that point and complete the flight testing, and then operate the aircraft under that SAWC as the owner? I am reluctant (unwilling?) to take on the responsibility of passing inspection and getting the SAWC issued. I also do not want an ultralight version.

I'm comfortable doing the flight test (I'm an aeronautical engineer), and hoping the flight test experience will help count toward getting a Repairman certificate for this aircraft (which the original builder did not get). Am I pipe dreaming here, or should I just move on?