Good Morning and welcome to Sailnet.
As the owner of an older wooden sailboat, I can say the challenges may be substantial and expensive. Without any first hand knowledge of the vessel it will be hard for anyone here to give you too much advice other than the general warnings about old wooden boats.
Most but not all here are sailers not wooden boatbuilders (no disrespect intended at anyone on the forum, please no pissy PMs :laugher). I suspect you will hear the excellent recommendation to have a marine surveyor, qualified to assess a wooden boat of this vintage and construction method, do at least an initial survey of the boat.
Unless you have one in the family or are close friends with one, you should expect to see some costs for such a look.
If the initial assessment suggests a more complete survey, then you can decide if it is worth the cost of an expanded and thorough survey. Others may feel differently but I think it is very unwise to take the vessel on without such a survey. If you plan to insure the vessel, most, but not all, insurers will ask you for a copy of the survey report and will include that in their decision to offer a binder or if they do, set the premiums.
If after the surveys you decide not to accept the offer, you will be out the cost of the surveys but will surely save yourself from the potential of much greater costs. No boat is ever free!
Too many times folks get into such deals only to be overcome by the challenges to finances and skills. A vessel that otherwise might survive and live again is destroyed by well meaning folks who lack the resources and skills.
There are a number of organizations around the US and elsewhere that are always on the lookout for such boats to be used in the training of folks looking to become boatbuilders.
Another forum you might want to pose your question at is the
Wooden Boat Forum. This question is raised there quite often and there are many professional wooden boatbuilders that participate there.
Best Regards, John
Thanks! 
