Thank you all for the input I'm still confused as to what to do. I wouldn't mind getting a little dirty and spending some money. I just don't want to waste either. But thank you all again for your help.
you have listed in the original post, some of what is wrong with the boat and what it needs..... write them down on a piece of paper. then one by one, go thru them and do an internet search on what it will cost to replace/repair the items.... then once you get all the parts priced, you can figure that the labor to do the work and installations will be nearly equal to the purchase price, and even if you may do most of the work yourself to save some money, it will still cost a substantial amount for the unforeseen items and incidentals for those projects.
then after you get those projects finished, you will find that there is at least half that much again that needs to be spent for stuff that you missed in your assessment... just to get the boat in working condition and before you start spending on it to make it comfortable.
take the numbers that you come up with here and add in the purchase price of the boat, and then go on yachtworld and see how good of a deal it really is compared to other turn-key boats that are ready to cruise/sail...
this is the short cut to boat ownership education and will take the confusion out of it in a hurry. owning a boat is not cheap no matter how you run the numbers, but the only thing that will remain constant in any of the equations is that it will ALWAYS cost more than you anticipated.
jumping in and buying a fixer upper will allow you to learn the long, hard way what you can learn in a day or two by running some of the numbers... the downside to jumping too quickly is that you could quickly be in "over your head" and no way out...