Did you make any progress on the compression numbers?
Offer him $1500 and hope its just a fuel issue or something under 1K to fix. You do have the possibility to get a sweet deal if the guy just wants to unload it and you can get it running because of something simple. It is a 2000 motor which is considerably newer then than 80's original motors many V's for sale have on them.
I would think even if WORST case and the motor is not servicable you should be able to part out the motor and get something back from that and then find a used motor and put it on. Definitely a pain in the neck to do but financially if you can get the boat for $1500 or so you liability is limited.
On the flip side what part of the country are you in? There's at least 10 v's for sale within 100 miles of me here in NJ. are there fewer to choose from where you are?
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1986 V-20
1986 Yamaha 150 HP
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