A three year project can get old along the way. It may be better to buy one closer to the condition you prefer. If your logic is to buy cheap and fix 'er up, those are rarely cheaper in the end. Hit the lottery rare.
The boat will not take 3 years to be in good shape. More like 2-6 months but there are a lot of modifications I want to do in order to have my ideal boat. I can not afford a boat in the shape and cruising trim that i want. My other reason for taking on this project is to learn more and be a whole lot more self sufficient when it comes to repair and I have no one to do it but me. Also I want to know the boat inside and out That way I know every part and can easily tell if something is not right. I want to know all her strengths and weaknesses. Sailing is truly my dream and passion and I want to do it now. It has been 11 years since I had my own boat and I am just not as happy on land. Sure I could save my money for a few more years and get a nicer better equipped vessel but it would not be as nice or as well equipped as this one when I am finished. I know this is going to cost a fortune but not nearly as much as buying a decent house and I would rather have the boat anyway. I learned long ago to do it when you can because you damn sure won't when you can't.