New Project but No Experience

Budget?
Timeline?
Expectations?
Skill level?
All of these are relevant for you to keep in mind before you start tearing your new purchase apart.
Be realistic about your budget and your skill set especially, it's great to have friends with the knowledge and experience that are willing to help you, but not many people are going to be willing to give up a majority of their own free time to work on someone else's project.
Are you planning a fun family cruiser, something you can take out on weekends only, go for a drive, maybe take in a show and shine, stop for an ice cream, etc.
Or will you want to make an occasional visit to the drag strip, or autocross race?
First, as already mentioned, get it roadworthy, unless it's just in need of too much work, like floorpans and major structural repairs, if that's the case, I would be seriously evaluating your budget and skills. I don't mean to be insulting, not in the least, but too often a person can get in over their head and lose both interest and lots of $$ when the project starts to spiral.
Just my .02.
Welcome to FABO.