1st Boat a Columbia 26 MkII?
That is a very high price for that type of boat and that age of boat. You should be able to buy that boat for less than $3,000 (at least around here). Beyond that by the time you get done putting that boat in shape you could easily end up putting another $3K-$4K into the boat. I would suggest that you try to find a boat in really good shape, with good sails and gear for closer to $8K-$9K and you will be far and away ahead of the game.
No matter what you do, on a boat that age get the boat thoroughly surveyed. Deck or hull delamination problems can quickly add thousands in repair costs.