A good friend, who is an experienced boat owner and knowledgable in the building trades, called me late yesterday. "How would you like a free sailboat?"

He knows I am going to need a place to live very soon, and that I have been trying to find a sailboat to liveaboard. So, I am going along with the gag, "What do you have?"

"How about an all wood, classic sailboat in the midst of total renovation, that the owner just wants to walk away from." A couple of phone conversations later I put a call in to the supposed owner to see if he really wants to give the boat away - no return call yet.

So, what to do. My friend says the boat is gorgeous but a bit grimy and somewhat torn up here and there while cosmetic repairs and restorations are in progress. Definitely liveable as-is. Engine turns over, sails are in good shape, and my friend would help me sail/motor the boat to a berth nearer to my hometown (about 60 miles all through the Delta).

My friend would take it himself but when he talked to his wife - well, the bottom line is that he cannot. The question is, should I take on this boat?

Restoring the boat to its former glory would probably be a project of years and many dollars. On the other hand I could just live on it, do the minimum to keep things habitable, and try to sell it down the line to someone with more passion for classic boats and deeper pockets.

Assuming the boat was minimally sound, it would be a welcome and an immediate housing solution. If my friend is right about the intrinsic value of the boat it might even lead to enough money to get a more modern, though modest, boat later on.

What do you think?

Thanks.