Re: Aquired free boat. Ugly Bravo III and who knows what else...
Here's my take on the boat.
Forget about the outdrive, it's a basket case and will only waste time and money.
Start working on things you can accomplish with little money and sweat equity, hull, interior, engine. While working on these projects keep an eye on craigslist and Ebay for a sweet deal on outdrive parts. A complete drive/transom assembly out of a wrecked boat would make this project much easier and less expensive in the long run.
This way, all you are loosing is a bunch of your time if the boat gets too expensive to make seaworthy.
Here's the most important question (hope it has not been posted earlier in the thread)... Do you own the boat and have it titled in your name? My friend got a boat that had been left for dead, similar to yours. I urged him to get the title before he did anything to the boat, but he forged ahead saying it was a no-brainer to get it titled. Well,,, after months of work and a bunch of money thrown into the boat he could not get it titled and registered,,, now it sits rotting once again.
If the owner still holds the title I would be worried about him taking the boat back once it was seaworthy again,,, or reporting it stolen,,, etc. etc.