Re: I/O to OB conversion
What frequently happens on these conversions, or when someone gets a boat like this for free without an engine and drive train, is they think it can be fixed up for little or no money. Then they find out that to replace a complete I/O is very costly, or you need to find a large outboard or two plus a bracket, which again will cost many $$$. In this case he's getting a 24' Reinell, they normally have a full cabin, which means it could be heavy. If thats the case, then a 115 won't be enough to push it very well, so he'll be looking for a bigger motor very soon and thats after spending all the money getting this one set up. And I'm sure this one doesn't have all the wiring and electronics in it, that's more money.
I see boats of this size and age advertised from $5,000 to $8,000 complete with everything, often with all the electronics, a rebuilt engine and outdrive, plus a trailer. While these may need a few things, you could use them right away.
As a project, and if you have access to the right parts, then there's nothing wrong with it. But if you thinks it's going to be a cheap way to get into boating, then it's not a good idea.