Other than the problem of getting the proper paperwork for the boat... there are probably going to be more than your fair share of issues with the boat itself. Chances are very likely that the boat was neglected, if it was allowed to sink in the first place...and it will have to have all the electrical system and electronics replaced to start with. Also, the deck and hull may have other issues, and the rigging may be very questionable—depending on how long it was submerged.
Once you take possession of the boat, it could be come a very expensive project. The cost of repairing the boat and replacing the equipment ruined may very well be far more expensive than getting a similar boat that is in usable condition.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.