MIGHT be ok. Anything else would likely be a total loss.
Remember before you go any further: The hull
of the boat
represents only about 10% of the cost of the build. So if you get the hull
for FREE, you have only saved 10% of the cost of the boat
What you propose is a slow and painful way to the poorhouse, and you are highly unlikely to end up with a useful boat at the end of it.
If you want a sailboat to actually go sailing in, buy a boat that is ready to sail. If your hobby is not sailing, but boat restoration
, then sure, get a hulk and rebuild
it. Do not expect to save money
, or get out on the water
any time soon.