I plan on buying a 91 240sx, but the issue that the car has is that its ignition timing is off; meaning that it does not run. Also in has 195,000 miles on it. I want this as my project car. Is this a good buy? And what should I expect from a car with 195k miles of that age?
Well, you asked if this was a good buy? Though to answer without the price. If the price is $10,000 then NO, not a good buy. If the price is under $500 and the body is perfect, it is an OK buy considering the unknown factor of the engine and transmission possibly being blown. With it not running there is an infinite number of issues that may be present. And with it setting around from not being running, you may be looking at even more failing parts such as rusted brake and fuel lines, etc.
My recommendation would be to look for one that is already running. It may cost you a little more up front but will be cheaper and less work in the long run.