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Old enough to know better
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I think it depends on how competitive you want to be. If you want to be competitive, you budget will get a set of sails. If all you want is a fun boat to run around a lake relatively quickly and the occasional race then it is doable. Where are you located, that can make a difference? By me there has been a J/24 for free on Craigslist, it it has solid decks it might make a good basis for something fun. Though the guy keeps calling it a jayco or something like that.

If you want to race then I would look to see what one design fleets there are around you. That to me would be more important than anything because if you want to race then you want people to race with!
 
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