Re: first time owner of any kind of boat
It's not hard to work on this engine once you can diagnose what is wrong with it. There is a website you can go to to order a service repair manual for this boat, they are also on eBay... search "OMC Turbojet 115 Service Manual". They range from 45-$70 but they are worth every penny, I wouldn't touch the engine until you have it.
I also have a "parts manual" with exploded views of parts of the engine. Private Message me your address (if you like) and I will mail you one... I have 2 copies I got from BRP (BRP or Bombardier bought out OMC years back when they went bankrupt and they make Johnson/Evinrude, Sea-Doo, Can-Am, etc... I work for a logistics company and we supply parts to them so that has been a big help)
With the service manual, do a compression test yourself. Very easy process and the testers are about $20-$30 at any local NAPA/Autozone type store. They come with instructions, you don't want your compression to be more than 15% different between the cylinders. If it is then (or if it is very low, optimal is around 120psi) you may have ring issues, head gasket issues, etc.... but all are fixable if you are ready to put in the work.
If the engine is running and working, but just has issues I wouldn't say cut your losses and sell it. $2000 isn't bad for that, it books for around $3200 on NADA.
Does it have an inline water filter? You can easily see if it does, in the engine compartment to your left mounted to the transom will be a filter with a jar tightended around it. If you don't have one, get one! This is your best defense to clogging your water coolant lines in the engine which can easily cause an over heat. You don't want to be where I am at right now.
I will do the best I can to help but right now I would get the service manual, compression tester (or borrow one) and the parts manual with exploded diagrams. This will help you familiarzie yourself with the engine, how it works, how the cooling lines work, everything and then also allow us to see where your engine readings stand so we know where to start. Understand, I am no expert... I have just spent a lot of time researching and working on this engine.