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possible first rally car?

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I'm looking to get into rallycross, and I like mk1s. Found a guy on criaglist selling this
http://inlandempire.craigslist.org/cto/4239849690.html

He has no paperwork for it at all. No title, registration, nothing. He doesn't know much about it. I do have some mechanical aptitude being a mechanic apprentice, and I have access to lifts, tools, etc.
Thinking about jumping on it, but I wanted to get some other opinions first.
How much might this thing cost to get running?
What kind of problems am I likely to run into?
Are parts fairly easy/cheap to find?
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