Jesse, What a cool find! This experience alone is a once in a lifetime event. I was involved at a young age with a barn find, a 1967 big block Corvette convertible. A mentor of mine bought it and got it running and I was a part of that, I still cherish the memory of riding down the road listening to the side pipe exhaust and all the heads turining to look at this time capsule. As cool as it was to be a part of it, I didn't have the means or know how to bring that car to completion.
Airplane ownership can be very costly. More so than classic cars or even houses. It can also be very rewarding, If my 24 year old son wanted to buy this Mooney, I would discourage him from doing so. Having owned a couple of planes, I know the hidden costs that abound. What I would do however is encourage him to buy a home, fix it up and rent it out. Use the cash flow from the rental, even if it is just a couple of hundred dollars a month, toward the airplane dream. Let someone else pay for your airplane and pay off your house. You are young, build your empire and then buy the airplane that you want. In the end it will be a much more satisfying experience.
Thanks for sharing this experience. I look forward to finding out what becomes of this beauty.
Best,
Steve