[If it is too good to be true....it usually is.  I read ads all the time like "just needs head gasket, or needs new points"  or some other easy fix.  This is never the case.  Assume the worst and let your price reflect replacing the engine.

Why was there water in the oil in the first place?  Did it overheat?  Warped head?  Cracked block?  How is compression?  There is usually more to the story..and it can be a nightmare to pick up where someone left off-  Ohh let me guess, because they "just dont have the time to fix it are they would do it themselves" right?
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that's what I always do 99% of the time all these people are trying to sell, so there is never any major problems. he said he has put a new gasket set in the top end and can afford to put more money into it, but at the same time he is willing to do a straight across trade for something that needs work. He must have money if he can fix another car, right? plus his brother is a mechanic, so they probably know exactly what is wrong and it is not worth it to them to fix it.