What do you consider cheap and how much work is involved in getting her back into the water? I run across 'deals' all the time down here in Florida.. for example, there is a 1984 33' Endeavour being sold locally here for $3500.. and even comes with the semi-trailer that it's sitting on (trailer is probably worth $3500 alone!). Needs an engine and interior work but is otherwise in good condition, just needing some TLC, and I bet you the owner would take a lower offer. Owner moved to California so just needs it gone.
I've seen other really fantastic deals on boats sitting over in the St. Johns river.. 36+ footers going for $2500-$5000 where the owner has either moved, died or just gave up on their 'projects' and willing to take a loss. Some just need interior work, some need engines or masts, some need very little more than good cleanings and lots of TLC from years of neglect.
Heck, there is a 1957 Mooremann (built in Holland) 37 foot all steel sailboat sitting over near Tampa right now and the owner is asking $5000 OBO. Has good running 4-cyl diesel, auto-pilot, GPS, weather station, marine radio, and is set up for one-man operation. Lots of interior teak and stained glass (was a charter boat in the Carribbean most of its life). Owner claims it is just really dirty, needs good cleaning/painting/TLC and calls it a 'diamond in the ruff' (and says he will accept 'any reasonable offer').
Timing isn't right for me at the moment (two kids in grad school sucking me dry!), but if I had the time and money, I would have jumped on several of these 'diamond in the ruff' listings I've run across. Of course, it would help if I had a house on the water with a nice big deep water dock out back as well.. slip fees down here are astronomical. But maybe after the kids get out of school, that could become a reality.
I would suggest that you first find out what the boat needs, a good estimate of costs to get her ship shape (including a good survey) and then find out about how much recurring costs will be (slip fee, insurance, maintenance, etc..). Then you will be in a better position to seek partners and find funds necessary. Good luck!
Cheers,
Brad