BTW, the LODA is only needed if they are going to charge you for the use of their E-AB. If you can find someone who will lend you their RV, then you can pay for the instructor and not the plane.
You might want to check with your EAA chapter, they might know of someone who can help you out.
This is true. It is also true that, under typical circumstances, you would be flying uninsured, as the owners' insurance won't cover you if you are not a named insured.
Edit: could be true of LODA holders, too. Best to ask about their insurance coverage.
In the event something would have happened, it would have been on his insurance company. No different than if I let a friend fly my plane from the right seat.
This is one of those things where you never quite know what the insurance company will do until you're in court. My policy says, "who can pilot this aircraft?" and then it says "only me". I'll bet that if the insurance company found out that my friend in the right seat was the one manipulating the controls during a landing accident, they would try to deny coverage. In point of fact, I do hold a cfi certificate, and a LODA, and my insurance company explicitly told me my policy did not cover dual instruction.