Thinking about buying a '71 V20, looking for tips

Hi All,
I've been kicking around the idea of buying a boat for some time now. I've finally decided new boats aren't getting any cheaper and I'd rather fix up an older boat (plus maybe make it a little friendlier to my preferences). I've always liked the V20 and it seems I can usually find one in the paper, or online for sale. The particular one I'm looking at online now is here: http://www.budgetboats.net/71v20.htm . They are only asking $600, but it's advertised as "hull only" meaning I'll have to buy a trailer and motor right off the bat (which is fine by me, and I know I'm looking at 6-11 k for a 150 outboard) My big concern, though, is the hull. What do I need to look for? Are there particluar places I should check for rot or are there other issues I need to look for? I haven't been out to see the boat yet, as I'm still trying to figure out what all I need to look for to make sure it's sea worthy (or what it would take to make it seaworthy) in an attempt to NOT bite off more than I can chew. My present attitude is "it's only wood and fiberglass....how hard could it be?" Famous last words..... Anyway, kidding aside, any advice would be apreciated.