congratulations--take a deep breath--
and tell us some basics:
What kind of boat? Made of wood or fiberglass? How big? diesel or gasoline, inboard or outboard? What kind of sails, and how old? Wood spars, or aluminum?
You might want to consider hiring a good yacht surveyor to look over the boat and tell you what it really needs, and what can wait. The boatyard guys will be happy to work on it as long as you pay, the surveyor can tell you-and them-when to stop. You might need a survey to get insurance anyway.
For some of us, a 1970 boat isn't quite that "old". Let us know, and good luck.