[NYCAP123]

Silverado,
DO NOT TRUST THE SELLER! Understand that this is undoubtedly a moneypit/ piece of junk/ a project that will never end or be finished. Don't bother with a surveyor. He doesn't have enough paper for the report a boat like this would generate. That's not to say don't buy it, just understand what you're getting into. You certainly sound like you have the background for this project. It's a real DIY job and a great father/son project. The only thing that bothers me is whether you can afford it. The reality is that you will probably spend a few winters working on it and then you very well might have to pay someone to take it off your hands. The experience and the father/son time is worth a lot, but I worry when you talk about financing. Remember, you're also talking about dockage fees, parts and fuel. Boats like this are generally either run into the hole or renovated into classic condition. The later would require investing $100,000 maybe $200,000. Now your talking about taking on a fairly large debt that will undoubtedly outlive the boat.
Two fast lessons:
1) B.O.A.T. stands for "break out another thousand".
2) The best boat is the one your friend owns (let him have the hassles and expenses; you show up on Saturday with the beer).
Think about something in the 20 foot range that you can trailer and you can fish from. There's always work to be done on a boat, but this way you and your son can spend more time enjoying it instead of just working on it.