BeginnerZ

I have my eye on a 280z to purchase for restoration project. This would be my first Z and would appreciate any advice anyone could offer. Here is what I know about the car. manufactured 5/79, ser#HS130-153004,painted blue/silver, alloy wheels. Underneath there is a great deal of rust rot on the frame rails although the pans appear to be in fair condition. The rest of the body is in pretty good condition. Purchase price would be $500