Aloha Walhaus,
Good advice from the others. As a basic consideration, buy a car in the best condition you can afford. This type of project is usually not an investment in which you make money, so let the previous owner pay for major repairs and rebuilds. Tony is very right in that it will take longer and cost more than you plan, so don't be discouraged. Sometimes it is lackadollar that slows you down, other times it that pesky job that pays you. Generally, more dollars spent on a car in good condition will cost less in restoring/repairing than a basket case. It took me about four years to get my MG TF on the road after I bought it. Good luck.
Safety Fast,
Dave