No, not like that!

It's always been a dream of mine, ever since I discovered the junkyard known as Craigslist. I'd love to buy a (relatively) intact car for EXTREMELY cheap (~$500), put a few bucks and some elbow grease into it, take a test drive or two, and sell it on for (hopefully) a little change. I'm finally living on my own this summer in STL and would love to do this as a little summer side project.

Has anyone done this sort of thing? If so, how did it go? Any tips?