What I'm trying to say is I think the smart way to get a super nice car is to buy it sorted at a discount to what it takes to get it there. I don't think there are many cars that can be properly restored that will be worth as much or more when they're done, certainly not in this price range. What I'm wondering is once there, do these things still rust or is there a way to keep them rust-free?
I'd like to start with a $2-5K car, drive it and enjoy it. How crazy I go with fixing it up depends on if rust is going to play a role. If so, I'd keep it cheap and live with as little of it as possible. If not, I could "invest" more, knowing the value won't be undone by rust.
My ultimate goal (and it probably wouldn't be the first car) would be (1) an '04 tii in outstanding/show quality. It would make sense to me for that to be as original as possible or easily returned to that state. Or (2) would be a '74 or '75 non-tii with in similar condition with some moderate engine mods (or a small six) and a 5-speed transmission.
I'd like to have something more presentable than a beater, but I could start off with one and build up from there, assuming the rust issue could be avoided or controlled. Going that route would allow me to be creative, obviously. If I later bought a completely sorted car, it would need to be sorted in a way that I would prefer (i.e. color, mechanicals) or easily made so (i.e. wheels/tires, seats).
I'm in the SF bay area, but could imagine traveling 500 miles or more for the right car.