[slomotion]

I agree with Weylan. If you buy a boat that you know needs work, it is pretty much guartanteed that it needs more work than you think and the work will cost far more than you ever anticipated. If you have experience building/rebuilding or refitting boats and you have some sort of special access - eg. Uncle Joe owns a marina, then project boats can be a good deal. But mostly, they are only good deals for people who enjoy working on boats more than (or at least 'as much as') they enjoy sailing.

Go after the best condition boat you can afford and feel comfortable cruising on - you'll have no trouble finding ways to spend money on her. When we decided to go cruising, the boat we bought was in perfectly good sail away condition. We still spent more than the purchase price on refit/repairs, upgrades, and cruising equipment.