Motorcycle Repair: Flood damaged bike restoration, professional development center, flood damage

Question
Mr. Wells,
I have been looking to buy a H-D for as long as I can remember and I'm finally at a point where I can almost afford to get one.  I've been scouring the Internet to find the right bike for the right price and I am coming these people selling insurance bikes (theft recovery, flood damage, wrecked bikes,etc.).  Now the wrecked bikes I'd like to stay away from.  I'm not superstitious, but I don't want my first H-D to be one that was wrecked because for some reason it makes me feel uneasy thinking about it being wrecked.  But I see these flood damaged bikes and they look completely normal, in the pictures anyway, and I'm just wondering how in depth it would be to get one of those bikes back on the road, and if an average person with an average aptitude for working on motorcycles could pull it off.  Would it be cost effective or practical to take on a project like that?  I have lots of time and access to tools, and even a background in motorcycles.  I spent some time at the Harley-Davidson Training and Professional Development Center in Frontenac, KS.  It's been around for 3 years now.  I didn't finish yet, but I can read a service manual and have a decent knowledge of tools and their uses.  I know it's a vague question.  I just want to know if I'd be in over my head.  Maybe I'd be better off buying a couple of wrecked bikes and building one.....  

Answer
The problem I see with water damaged bikes is you dont know how long they were under water.Once the bike has been under water, things start to rust, bearings get damaged and elcetrical connections start to corrode.
If you can get one cheap enough tney I would tear is down to the bare frame and check each bearing. I would also install a new wiring harness. I would slso rebuild the motor and trans
Good luck and happy riding
Mike