Well, first of all, this is a Jet forum so of course we're biased. None the less I can empathize with your situation. After getting out on my own my brother and I went together on a 20' Ranger Tri-Hull for our first boat. Things are quite a bit different now, but I have learned a lot of valuable lessons. #1 lesson.... Do it right the first time. Odds are your $950 bayliner has a drive that is questionable, interior that needs $$$ work, so on and so forth. By the time you are done getting things reliable the boat will have pulled a couple grand that you didn't have out of your checking account. BOAT=Break Out Another Thousand... IT IS TRUE.
If it were me knowing what I know I would save my $$ to buy a better project boat. The worst potential problem with a Bayliner is that even after you have spent $$ to straighten it out, it will be worth less than comparable boats. Find some folks to go to out with and help them out with gas etc while you bum around on their boat. Save your $$ and buy something you WANT, not something you can afford.
After all of this if you still want to buy something for $950 bayliner or not, pay close attention to the drive unit (it costs more than you will be paying for the boat if it goes bad). Also get under the boat and check for cracks etc. I guess what I'm trying to say is look at everything more than once and have the guy take you out for a ride (thats where the gremlins will show up).
Good luck,
Chris
Used to be 23 and poor with a lame boat
Now I'm 27 and poor with a better boat (well, building one).