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There are many things that you can fix if the purchase price is right. The one thing you don't want to mess with is if the body has much rust. There are enough other buses out there without rust that even if the bus is free it may be too high a price.
If the tires are less than 50% or over ten years old they will need to be replaced before you will be able to really use the bus. Tires can cost $2-4K depending on how many you need and what sort you decide to purchase.
If the brakes don't have a lot of lining, figure on doing a complete brake job. Linings, springs, air cans, s-cams, rollers, and drums can cost $$$$.
If the bus doesn't track straight down the road you most probably have steering and suspension problems. King pins, installation, and alighnment can cost about $1K.
This is all assuming the engine and transmission work well.
Whatever you do, take the bus out and drive it for an hour or more. Make sure you take it out onto the highway and see what it does at highway speeds. Find a good hill and see what it does on a hill.
Whatever the bus does empty, be assured you are going to go considerably slower by the time you load it up with a conversion, junk and plunder, and a toad out behind.