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Buying a Project Question.

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jlbpropilot

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First off thanks to the great group of guys that keeps this forum so incredibly informative. This is my first post but i have been on here everyday for months keeping up with everyone and reading the abundance of information.

Here is my scenario. I was all set to order the raw materials i.e. steel and wood next week. Wouldnt you know it while kicking around at a local FBO i was informed about a gentleman in my area that was working on a Skybolt. I was able to get in touch with the guy (74 years old) and he was happy to meet with me and show me his project. The airplane appeared to be assembled with care, no corrosion, visually the welds looked good ect. The fuse framework is pretty much complete with a Lycoming 360 on the front. The wings are also complete. There is not a stitch of covering on the airplane, no instruments, not on the gear, and alot of sheet metal to be made yet. The guy hasnt worked on it for 7 years and doesnt have a pilots license yet. I asked him if he would be interested in selling it and he said he would.


Questions.....
1. Any guesses how much it would be worth?
2. Would the remainder of the work be 51%?
3. How concerned should i be with the age (started around 1975)?
4. Anything else i should be concerned with.


Thanks in advance for any insight!!!
 

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