I have been in the business for 25 years and build liveaboard catamarans both sail and power. The Bluewater is basically a houseboat that can be taken offshore in mild conditions. Frankly if you can get it for 35k it's probably not a bad deal based on your description, if you do most of the work yourself. Boats are not investments when you buy them just for recreation, but when you liveaboard it's a whole different thing. Have you been aboard and personally inspected, is it being sold by the insurance company or owner?