I've read this post numerous times all day and have had something typed at least 5 times and don't know quite what to say.
Here's my take on it.
Don't buy stuff from friends--EVER if you can help it. You don't want to low ball them because YOU will feel bad, so you pay top dollar so they are not insulted. YOU get pissed when it goes sour and can't stand that you got hosed.(not directed at you Andy--just in general)
Buying used EXPECT THE WORST and be happy if you come out on top.
Don't keep track of hours(Sorry Andy). It's taking a "hobby" and turning it into a "job". Job stands for work, work is the worst 4 letter word you can say while pursuing your hobby. If it's you're own stuff your working on you can't bill yourself for the labor, and the next guy won't give a rats azz how many hours you put into it. He's looking at the bottom line.
Take your time, do a little bit each day. Slow and easy wins the race. I'd rather miss a weekend on the water then have to get towed in. Keep it tidy and set a daily goal. Walk away when frustrated.
No matter whose flavor you own, eventually it will break. Jet boat, I/O, Outboard something is gonna fail or at least need maintenance. You can have a 16 year old jet boat the needs two engines or an MPEM, pumps. Or you can have a 16 year old boat that needs a powerhead (more money than 2 pwc engines), or a lower unit. Your Chevy or Ford powered I/O will eventually need exhaust manifolds and risers (not cheap), water pump etc... Boats are money pits plain and simple. My buddy just dropped two brand new 502's in his 1990 something Baja, $8G's a pop in the last 3 years. Bigger the boat, bigger the problems and bigger the cost. He uses it 2 maybe 3 times a year, and it sits in a garage the rest of the time.
These are toys, and ones that see some of the worst environments and don't always get the proper care. It's tough when you get upside down on a project--it blows, I get it. I like fixing/building toys like sleds, boats, skis, quads, trikes and cars(my hobbies). I try and set a realistic budget, but I'm also used to surpassing the budget. Money is not easy to come by, I'm in the same boat. Thankfully my wife doesn't question me on "Are you going to get out of it what you have into it." She knows this is my hobby and passion and that the family is going to enjoy them when I'm finished--the true value of what's spent. I do a little here and a little there but make the project solid. At the end of the project if I go over budget I don't let it get to me, I'm proud of what I built and love what I have. Almost what ever you build you won't get your cash back out of it, something that takes getting used to.
Dbrac, once you get a good season under your belt I'm sure the wife will turn around. I had about 3 seasons of port engine failures (air leak) with my Speedster. I'm the original owner, so whether it's new or used it's going to eat your cash and leave you broken down until you get it sorted out. I have had the last 5 seasons of problem free fun. This winter I think I'm tearing the engines from the Speedster and going through the carbs, putting oil injection back on, new fuel pumps and cleaning things up. It sounds like your close to get it all sorted out. Stick with it and keep positive!
