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Nat...I think you are screwed since you chose a most unorthodox buying arrangement and have no clear and definitive agreement about exactly what is covered. Apparently the owner was willing to sign on for $xx dollars of "repairs" and let you do the work. I don't think ANY owner would sign on for unlimited repairs and frankly if you had just offered him $xx less than the agreed upon price based on the defects found and he had accepted you'd be in exactly the same position you are today except YOU would own the boat and be investing the labor n YOUR boat instead of his!
The good news is that if you still like the boat, at least going through with the sale will make your labor not in vain as you would have done it after a normal sale process anyway.
I do not think the seller is in any way responsible here or is acting unethically based on what you've told us.
Good luck!
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