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If you make any money at all with it is is considered commercial and there is no way I could see it getting registered as commercial. Even if you just have folks pay for the fuel you would be considered commercial. FAA is pretty clear in this respect.

He probably could get it restored mechanically and fly it as an experimental. I would bet the thing has most of the major components timed out. They can only fly so many hours before they must be replaced. It could be done. I am surprised they did not strip it down first.