Osprey

I have flown M20J's and K's many times. I also maintained over a dozen Mooneys from the 201 to the 252. Question #1 It is common for a turbocharged engine to receive a top overhaul during its TBO period. This is due primarily to operation technique and calendar time on the engine. If the aircraft is flown often and operated carefully it may be possible to go the entire TBO period with out a top. My experience is that a TOP is the rule rather that the exception. If I had my choice I would ether buy an aircraft with a new factory remanufactured engine, or one with a run-out engine. In both cases, enginewise, you are getting what you paid for. Question #2 I would never buy an aircraft with the intention of making it something else unless money was not an object. Question #3 An engine can be overhauled numerous times, but each time it will likely cost more due to the fact more will have to be replaced. I always would recommend new cylinders on Turbocharged engines. Most times people would opt for factory remanufactured engines. It is possible to buy a ship with a 1600 hr engine and have it overhauled. Remember this fact. Calendar time on an engine is just as important as operating time in considering its value. Question #4 I know nothing about the Rocket 305. I would question buying a Mooney 231 with the amount of experience you have. Obviously I have no Idea how proficient you are or how good your judgement is. If I were you I would buy a Cessna 182 class aircraft and gain some experience. A 231 is a slippery machine. Speed brakes would help. Imagine flying over the Cascade Mountains, dropping down and slowing down in IFR conditions with turbulence. Buying a plane close to where you live is a big plus as it can be an ordeal. Have the plane inspected by someone who ideally has no connection to its owner and is well familiar with the type of aircraft. An annual inspection is best, if not an annual, stay at the side of the inspector and have him show you the problems he finds, you will learn a lot. You can tell him when you are satisfied you have seen enough. You will save whatever the mechanic costs. Remember this information is worth what you paid for it.