I found a '92 Range Rover that needs some TLC for $500 for sale locally. The guy seems ready to dump it due to the brakes and the headliner.

How stupid would I be to buy it (assuming most everything is in decent order), put a little money into it and try to flip it?

I'm going to try and look at it tomorrow. Here's the add:
http://seattle.craigslist.org/oly/cto/2046737029.html

 

You wont flip it for much profit, but you could break even if you are just looking for a project.

 

im with spike. its going to need some work to get back into shape and after that it still won't sell for that much more. we have Discos that sell for $1k up around me but when they need head gaskets, driveshaft, brakes, plugs, wires and tires its another $1-$1.5k of work and they only sell for that in good shape.