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Financial Irresponsibility, Needles, and Haystacks

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I haven't raced in years, it's a waste of money, and it's a logistical nightmare to start from scratch. But I'd rather be broke than bored. So, being impulsive and financially reckless, I decided start from scratch and build a race car... again Since I'm not exactly flush with cash, it needs to be something cheap, but even the cheapest race-car will cost thousands to build properly.  Thousands which I don't have. However, if you have a few friends who love cars, you might be able to persuade them to pool their resources together and start a race team.  So that's exactly what I did, and few weeks later they were all on board. As a team, we decided on endurance racing, so everyone gets a chance to drive and there are a ton of events. 24 Hours of Lemons ended up being the closest and cheapest to enter, so we paid the entry fee and started looking for a car. The budget was $1500. I scoured Craigslist and various forums for weeks, it was a complete shi