Doccumented vessel
Before spending any time or money on this project, I would get the papers signed and in hand. It is a relatively easy process to have the boat transfered to your name. Fill it out and send it in to the USCG. Keep a copy for yourself. Get a bill of sale, even if it is free, say for $1.00, so you can register it with the state. The '74 Morgans had a Volvo in them, I believe they were 37hp. Later models went with a 50hp Perkins. If the motor is shot, it would be very expensive to fix. Those old Volvos parts are made of gold, maybe platinum. And they have to be air-freighted from Sweden for the most part. We had a 37hp in our old boat and the motor went south. We repowered with a Yanmar 27hp. Ten less hp but it moves us along faster. Plus, it is quite a bit lighter than the Volvo and fresh water cooled. Now the bad news, the motor cost $7500. Installation was another $7500. Alot of that was due to new stringer construction because the footprints were different. At that price, a Morgan will never recover the investment.