In you situation, run away.
Save the $1500 up in cash, after you see how long that takes, then consider an old car project.
I paid $800 for the duster in my avator, running, driving 318 auto with duel exhaust, not rusty but wore out.
I seen it sitting in a guys yard for months, and one day decided to stop, should have kept driving past it, and let somebody else deal with the money pit.