First is that the people who can best afford to do them, usually don't. Followed by those who can't afford such projects are usually the ones that attempt them. Such projects usually go wrong because the owner failed to appreciate the costs, and to estimate them in advance. There are no good deals on fixer uppers with boats. There is just expensive and more expensive. Money is the name of the game, and if you haven't got it, then it's a mistake to think that you can do a refit on the cheap.