Being it's a wooden boat, if you like what you see when you look at it, I would recommend having a survey done on it. It will cost you some money, but will give you peace of mind that you have a decent hull under you. "Free" won't be free if you are dealing w/a rotting issue you can't see on the surface. You don't want to have to vacate your new home to get it fixed later.

Good luck.

btw, let us know which classic design it is. And the particulars - length, sail plan, hull design, etc. Would be interesting to know why he wants to walk away from the renovation as well.