**This report was modified on November 19, 2013. Please see the public docket for this accident to view the original report.** The airplane was being flown by a private pilot who just purchased it, and a certified flight instructor who was providing dual instruction. The private pilot stated that he had flown the airplane with the previous owner and that the previous owner made the takeoff and landing. The private pilot and instructor spent about 1 hour briefing and preparing for the flight. The private pilot stated that during the takeoff roll, the airplane veered to the left of the centerline. He stopped the airplane from drifting, but failed to pay attention to the airspeed. He looked at the airspeed which was about 55 knots, and when he looked back up, they were airborne. He stated his initial reaction was to reduce the power and put the airplane back on the runway. He then heard the instructor state that they were too slow so he advanced the throttle. He stated the airplane then settled to the ground off the left side of the runway. The instructor stated the airplane drifted to the left during the takeoff. He stated that when the airplane became airborne, the pitch attitude was too high and he instructed the private pilot to lower the nose of the airplane. He stated that the private pilot "froze at the controls." He stated he again instructed the private pilot to lower the nose and to watch the airspeed. When the instructor took control of the stick and lowered the nose in an attempt to gain airspeed, the private pilot advanced the throttle. He stated that as the airspeed increased, the left wing dropped, and he leveled the wings. The right wing then dropped "very quickly" and the instructor was not able to recover. A pilot flying in the airport traffic pattern at the time saw the airplane impact the ground and "cartwheel." The airplane came to rest inverted in the grass alongside the runway. The fuselage, wings, firewall, and the empennage were substantially damaged.