Ok need advice, I can get a 1986 IROC 305 TPI for 1200, on stipulation, its got rod knock. Whats involved? whats needed to do? how much will it cost? i will be doin this in engine rebuild class in college next fall if i buy it. So what do you think? I need help here.

 

If you have to ask advice on something like this, no you shouldn't buy it. Never buy any car with a problem that you haven't already fixed before in your life. Besides, who knows how otherwise abused it has been.
Fixing up basket case cars is best not left to college students with no experience working on cars. you'll just go broke and insane trying to make it useable.