Mate, been in your situation twice.
(Before market crash)
Bought a R33 GTS NA AUTO for 4600 that required fixing right hand door + front guard, roof faded, rear quarter faded, bonnet starting to peel and a stuffed front bumper. Mechanicals were great other than a rattle coming from the alternator. Got a mate to do a cashie and fixed up the cosmetic side (excluding front bumper) for $500. Then I found a cracked 400R front bumper that my mate fixed up, sprayed and fitted for $400. BTW car had 195kms on the odo without any form of log books. After installing alpine sub, amp and pioneer flip out head unit I sold it and made $500 on it, would have been 2500 extra without the sound system
(After market crash)
Bought a R32 GTS4 Turbo Auto for 2.5ish unrego'd and had been sitting (smoothest motor + g/box I've ever driven). Fast forward, ended up with rebuilt brakes all round, new pads, billstein coilovers and still made a decent profit.
Both cars ended up looking really sweet + now I've saved up enough for the GTR which is a keeper