Re: boat risks?
" It would for now be for fishing mainly and just enjoying family time in the water..."
You answered your own question. You and a fishing buddy that is 100% aware of the boat and the risks, okay... you two go for it.
Your wife and kids in the boat? Kids that are not at a legal age to make a decision on risk, as well as a wife that doesn't know starboard from bow to aft? The responsibility falls upon you, 100%, for their safety. This means you do not take them out in the boat until you, or someone with knowledge that you hire, can fully inspect the whole boat, inside and out and certify it as safe. I don't care if it is a 1 month old used boat.....you get it checked out if you don't know boats yourself. If you take out a boat that a prudent person would consider unsafe, and something horrible happens, you can be held personally, criminally responsible.
With that said.....the amount of risk you will take with your family is up to you. There are many variables. If you have 2 kids, and they are both on the high school swim team, your wife is the coach, and you'll be in a lake close to shore....that gives you some leeway.....BUT, you are still obligated to make sure everyone understands every aspect of the boats condition.
I was 14, being pulled on an inner tube at high speed, along with a friend. We saw the boat hit something, go airborne, and nosedive down into the water. The boat was sinking fast, ripped open the keel. Friends parents were in a panic, scrambling for life jackets for the other 3 kids on the boat. My friend and I.....we put our feet down and stood up...the water was only 2 feet deep....boat had hit an old tree stump...and we yelled at them to calm down, ...'look, we're standing!' We all walked the 150 feet to shore. Lesson learned for the future. A: No pulling on tubes. It's dangerous, could have ripped our stomachs open if we hit the tree stump. B: Every boat needs a depth gauge. If I recall correctly, my friends father said something about it costing over $6000 to have the boat removed from the lake.......
Food for thought. Oh, and they were short one life jacket, but by the time they figured that out, the boat was on the bottom and we had already walked up to it.