[salty dog]

First, welcome to the forum. This brings painful memories back (of not that long ago) when I purchased an '81 Wellcraft V20 over in Smith Cove. I talked them down a little but surely paid too much. I was really a complete newbie and sadly the meaning of "bring on another thousand" began to sink in during the next 3 seasons. Powered by a OMC 5.7 and 800 outdrive (just the worst). I was lucky to find a yard and a guy who would work on it in Ipswich Ma near my home. Every time I took it out something would go wrong. Leaks and manifold and head issues, all sorts of outdrive issues. When the engine came out for work (and power tilt/trim motor replacement) it could not be re-installed; the lag bolts would not secure because the stringers were rotted. Structural work needed to be done. And on and on. The problem is you feel hooked; you've spent way to much to can it and maybe just one more repair will do it. It really was the most expensive mistake of my life. Finally one day after it almost sank at the dock due to a leaking outdrive seal and a stuck bilge pump float, my wife and I finally decided to throw in the towel. I sold it (don't ask) and we bought a much newer bowrider. The sad truth is that I could have almost paid for it with all the money spent on the Wellcraft. Not that this would be in any way your tale of woe, but if my story could ever help be a warning cry to a new boater it might give me some measure of comfort. As Woodsy stated, having it surveyed would be money well spent. Good luck in whatever you decide to do.