The paper trail.
Doing an annual with him is an awesome first start. A great opportunity for sure. Don't just look at this as checking compression and looking for problems. Use this as a learning opportunity and have him explain every doohickey you can set eyes on in every open access area. Take great notes and pics of any hidden equipment before you put panels back on.
I'm sure others will have a lot of great advice for what to inspect for trouble on the actual plane. But don't forget to see how good the filing cabinet next to the airplane is. Some of this stuff is critical and particular to experimentals, and you'll probably get more insight about the plane from how good he kept these records. Zero points, btw, for just have an engine and airframe log.
The paper trail:
- OpLims: Have him show you the oplims and take the time to READ every word. This is now your oplims. Nice first task for new rv owner.
- ARROW: W&B (does it seem recent/relevant), checklists, required placards.
- Labels: Is everything in the airplane intuitive to operate or labeled appropriately?
- Logs: maintenance logs for everything.
- AD/SB: Evidence that he has checked AD's and is aware of SB's for any/all equipment - not just stuff under the cowl.
- Part/Serial Numbers: Does he have a detailed list of everything in every part of the airplane that has a part number and serial number on it: engine, prop, mags, antennas, alt, pumps, battery, gauges, a/p servos, strobes, brakes, throttle/mix cables, etc, etc. (If he doesn't have this, then consider creating an inventory on your own during the annual, and do an SB check on every item with mfgr online.)
- RV7 SB: Records that he's followed or is aware of all Van's SB's. They are all online - go have a peek. Some will apply to his kit; some may have been addressed in the instructions before he got the kit.
- Builders Material: All of Drawings and manuals from Van's. You need them.
- Manuals and Installation guides: for any/all equipment. As a few examples, check for the ELT manual/installation guide, radio manual, and even the strobe pack installation guide.
- Wiring Diagrams - not the mfg references in the back of the equipment guides - the actual home-made diagrams that show you the overall bus design of this airplane from fwf to every switch and breaker. No two planes are alike when it comes to electrical.
- Inspections: elt, pitot-static, and transponder tests.
- Bonus: Paint codes, electronic files used to make placards, details used to make/purchase interior, detail on hoses, filters, fluids...
Buyer's remorse is natural, but even the most average RV is so much more fun than the certified world. Enjoy the ride.