Classic Car Restore

I have some money sitting aaround and i am interested in buying a old classic car, restoring it, and selling.?
i would buy all the parts, but considering labor costs.

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Income from an Investment through a Friend...how to declare and file on 1040?
I loaned a friend cash to buy a classic car, restore it, and sell it for a share in the profit. The deal turned out to be a good one, and I made a good profit. I'm not sure how to document and declare the income on my 1040. I've had several ideas: interest income, capital gain, or other income. I'm wondering which one of these is the most appropriate and how exactly do I document it on the 1040. Thanks in advance for your comments.

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Income from an Investment through a Friend...how to declare and file on 1040?
I loaned a friend cash to buy a classic car, restore it, and sell it for a share in the profit. The deal turned out to be a good one, and I made a good profit. I'm not sure how to document and declare the income on my 1040. I've had several ideas: interest income, capital gain, or other income. I'm wondering which one of these is the most appropriate and how exactly do I document it on the 1040. More info: This was a one-time thing and not a business. It was a cash transaction around 10k, so I want be sure to file properly since the bank probably sent reports to the IRS. I don't know how or if my friend is filing...probably a simple capital gain for him.

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Need help on starting a classic car restore biz?
PLEASE give me honest advice about this idea. I need some guidance. Im 32 and have a fair knowldege of old cars. I rent a small apartment in brooklyn with my parents. Me and popps want to buy and sell muslce cars from the 70's. We dont have space or garage. The car will be on the street until it is sold. We are thinking of getting ones that are almost fully restored90% that need minor work. 1. My question is that would this be ok if we just buy one and sell it and make a profit and then take the money from the first sale and buy more. 2. Is there a market for 70-72 Chevelles or cars like this. Woudl it be worth it in todays economy? 3. Eventhough i have no garage or driveway would it be ok to park it on the street. I will get full insurance coverage. Im just scared. Is it practical. 4. Click this link and tell me if this car is too cheap and why do i see some like this that are worth 30k dollars and this is way cheaper...what is the difference here. Am i missing something? http://washingtondc.craigslist.org/mld/cto/943519199.html thanks very much and please address all ?'s thanks again people BASICALLY WHAT IM TRYING TO SAY IS THAT , WOULD THIS BE A WASTE OF TIME? BUYING AND SELLING CLASSIC?

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Classic car restore question?
How much would it cost to restore this car and make it running good and everything? This is the car I want.. but I don't know much about fixing cars or anything like that: 1967 MGB Convertible, original California black plate car. Runs and drives...it was originally British Racing Green and the trunk and under the bonnet is still the original BRG, making this car a perfect example to restore. The original aluminum hood is still in place and the body is in great condition. The real black leather seats are in good condition (no rips or tears in the leather). A new gas tank, fuel lines and new fuel pump has just been installed. The metal dash is in good condition. Overall it is a very solid car. These chrome bumper metal dash MGs are getting harder and harder to find and the 1967 is the most desirable model. The engine has plenty of power and sounds great but is a little smoky. This is a running driving restoration candidate...ASKING $4,250.

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