water in oil

[danny]

Hello, I'm building a kitcar and I'm using a rover 4.0 ltr engine for it. I have a bottom end in very good condition but need the rest for the engine so I have a chance to buy another engine cheap which I would like to use for the parts to build up the other bottomend I already have. the owner of the engine I'm about to buy says there is water in the oil and that's the reason why he's selling the complete engine for 200. I'm wondering, is this a blown headgasket "problem" or could there be other problems i can't easily fix? I don't care if the engine has problems I need it for the heads, sump and all other stuff besides the bottom end. do buy or don't buy? Thanks ! Danny