Ernie and I are looking at acquiring a fixer-upper boat, and encouraging our friends and family to join us.

The boat in question is a 35-foot Coronado 1974, affectionately known as "the Winnebago of Boats." It has fore and aft sleeping cabins, a galley, head with small shower, upper deck with a shiny wheel, sails, and sunshade, the works. Sleeps 4-6 in relative privacy, up to 8 with stacking. This model was designed as a small, portable vacation home.
Hull and rigging are in fine shape; the original owner lived on this boat dockside for about 30 years. Over the last 5 years, two recent owners have neglected it somewhat, allowing a leaky hatch to damage interior woodwork and upholstery. The engine and nav gear have never been modernized, or really used. The current owner got the boat as collateral on a debt, is tired of paying mooring fees, and needs to turn the boat over quickly, either as scrap or as a fixer-upper project.

We're looking at refurbishing or replacing the old engine, ditto the upholstery and galley stove, a thorough cleaning, and refinishing the stained woodwork. At the end of this process, the boat should be worth roughly five times what it costs to acquire and refurbish. Unless of course we are being optimistic. Which I expect we are. So we realistically hope to double our money, and put in a lot of enjoyable time banging knuckles, paying hidden fees, and wrestling with upholstery.
We are looking for about 6 "investors" to put some money into the boat with us, or otherwise chip in with work or gear. Ernie's dad has offered a diesel generator, and Ernie's brother is ready to replace the old wiring with new and shiny wiring. Both of our moms have offered to help with the costs. We are still looking for navigation equipment, engine work, and cash for equipment, charts, insurance, fees, and licenses.

We'll share the benefits, both nautical and financial, with our co-investors.

At the end of the process, probably in a year or two, we intend to sell the boat to a permanent owner in cruise-ready condition. It will help fund Ernie's dream of owning a really big sailboat, currently envisioned as a 40' catamaran, big enough to do our work from (teach self-sufficiency skills, and aid in coastal disaster relief).

We're still working out the legal transactions, insurance, etc. We'll call it the Lifeboat Project, Phase I.