I hate to chime in singing the same chorus as everyone else, italianstallion, but the advice you've been given in this thread so far is correct: buying a cheap 40 year old 12 string that the seller admits needs work is a bad idea. This guitar will be a money hole for you, and even if you get it refitted, optimized and playing perfectly it's never going to sound very good.
You're much better off keeping an eye out for a used Seagull or Simon & Patrick 12 string, if a 12 string is in fact what you want. You might want to play a few in music stores before you commit to that configuration, because they're more physically demanding than 6 string guitars, by a considerable margin.
Hope this helps.
Wade Hampton Miller
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