I think it will work out okay, but it's pretty obvious previous owner has a lot to learn. The first few repairs were pretty simple.
First thing was the AC belt squealing, which he attributed to needing a new belt. The belt looked new, so I adjusted the tensioner. Tensioners add tension, right? Thought that was obvious, but I could have pulled the belt off with fingers.
Next was the non-working dome light switch for the driver's door. He said he'd been locked out by the automatic door locks, since the car would re-lock itself after he opened the door. That I fixed with a shot of contact cleaner.
I was getting lots of exhaust fumes in the cockpit, so I pulled off the heat shield and saw the front O2 sensor hanging loose in the bung. Had to buy a tube of exhaust system anti-seize, so now I'm into my repairs for a few dollars. The donut gasket is missing from behind the cat, so after I fix that, it will take care of the exhaust leaks (unless that bung is stripped, we'll see).
The exhaust repair leads off the to-do list, but it's not the biggest issue. I'm not familiar enough with Miatas, so I didn't spot what is probably the reason he had the car for sale. One of the bolts that holds the back of the exhaust camshaft is broken off. He tried to drill it out, got off center, and now there's a piece of the bolt deep in the threaded portion of the cylinder head. You can see around it when looking down through the hole, so there's only a small piece left. I suspect that the threads in the aluminum are destroyed.
Here's my plan: I'm going to try to plug the bottom of the hole with some RTV, then fill it with an alum solution, see if it works to dissolve the steel. Here's a demo. If I can get the remnants of the bolt out, I'll see if the threads are intact enough to hold a bolt. If not, then it's either through-bolt it, heli-coil (although I prefer the Time-sert brand), or replace the head.
There's some other issues to contend with, like the non-working cruise control (lots of flat straight roads here in FL). He disabled the clutch lock out so he could start the engine without depressing the clutch, so I am going to start there.
On a better note, the car was on the lift at the tire store today, and it's really clean and straight. Few leaks, but nothing looks critical other than the broken bolt.