Yeah, that's the way I read it but I wasn't sure if it was just me or not :)
You know what they say, the right way, the wrong way and the FAA way.
I was more concerned with buying an unfinished hand built project than one
containing a bunch of premade components or prefab parts, since I'm looking
for one to take over myself. Just trying to find some answers to some of
my questions ahead of time. I gotta wrap my head around the process etc in
order to be comfortable with the idea.

> If you can convince the FAA that you built at least 51%....
> Actually this is a misnomer - the regs state that at least 51% of the
> aircraft must be amateur built (AB). That 51% can be built my numerous  
> hands
> and that's why the FAA published the Advisory Circular 20-27G in 2009  
> which
> includes a checklist for determining what was AB built and what was
> commercially built. I did some investigating on this last year and touched
> based with the local FSDO and they said they would use that checklist to
> help determine (1) if it could be licensed as an AB and (2) help them to
> make a determination if a repairman's certificate can be issued. I think  
> if
> you bought a 90% or better project you could still obtain a repair
> certificate, if one hasn't been issued and if you can convince the FSDO  
> that
> you know enough about the structure and operating systems to determine if  
> is
> in a condition for safe flight. I think a good approach is to develop a
> checklist of the items you plan on checking when you do your annual and
> present it to the FAA for review and comment.


True, just would be nice not to have the added level of complexity, I don't  
think
"complexity" is the word I was looking for but that's what came out of the  
keyboard.

> A repair certificate is nice to have but a lack of one is not a show
> stopper. Any A&P can sign off the annual condition inspection - I think
> after the A&P looks over your shoulder while you are performing the
> inspection and you satisfy him he won't have a problem signing your  
> logbook.

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