Glad you didn't buy a bunch of 240 parts for it. That one wasn't free....you understand that right? She's one step from the crusher but with a major dose of Stamina and a bunch of cash you'll have a fun boat to build a lifetime of memories. Welcome to sailing.......next season. Now get to work
Seriously though, check the decks for soft spots before going too far and walk away if they are spongy or squirt water. The hull may have damage if it filled with water while up on blocks/jacks. If the rig and sails are missing be prepared for some SERIOUS sticker shock. A truck, trailer, outboard and bimini are also big purchases that you shouldn't cut corners on. Then there's the dock fees and insurance. On the up side once you whack the kids college fund you'll be all set....
Don't jump too quickly without checking a few nearby marinas for owners with boats for sale that won't consume so much of your life/cash before you can even use it.
My 2cents