First of all, there's no such thing as a "Free" boat. Doesn't exsist. Having said that, here's some things that I've learned, being the frugal person that I am. Anything and everything that I've started "without" on a sailboat has cost me at least triple to add or replace later. It's the little things that add up, and they do so very quick in this hobby of ours. For instance, did you know that one winch can run at the least several hundred dollars to well over $1,000.00? Also, things like the mainsail halyard, if you go the "saving money route" will run you $100.00 by itself. Don't get me started on things like, engine replacements ($6K), chainplate rebedding ($400 + untold # of manhours), etc. etc.
Now, I don't want to be the "legion of doom" here, because nothing is more exciting than your very first sailboat. I just want to make you aware of all the "little hidden" things that can put a huge damper on your dream before you even get started. Find someone that knows a little bit about sailboats, take him or her out to this boat and get their opinion, because ultimately, those of us in this forum, having not even seen a picture, couldn't come any closer to advising you correctly than the lamp post on the street corner. Whatever you do, best wishes and fair winds.