Lots of good advice but the real answer is what are you willing to put into it and what do you want?
If you really want it and have spare cash go for it. If you bought a newer rig for $30,000 and did not enjoy it you have wasted the money. If you drop $40,000 into this and love it for years and have the memories of building it with your Dad and using it - priceless.
Myself if I was going to do this I would pick it up on a flat deck, power wash the engine and underside so it was clean as possible then take it to a trusted mechanic and tell him to get it running and add new tires and rims - something classy, new shocks with a bit more lift. Pull the front bumper and add somethings with some size and strength, drop in a winch and some off road lights. $15,000
Then power wash everything else inside and out so you have a clean palate to work from, pull off the graphics, shine up the outside and fill holes and replace vents, maybe ad some new graphics. Start inside with electrical, plumbing and a furnace. Add insulation and build some inner walls. $3,000 - 10,000 depending what is there and what you can do yourself.
Then start using it, finish as time and money allows. Will it be fun, mostly, will it cost, probably but it will be yours.
For more information and ideas
Join other crazies :B :B We all have ideas like this!
