UPDATE: the car is officially mine. Went to the DMV this morning and transferred ownership to my name.
Also, I just went out and bought $1,200 worth of parts
Power disc brake kit (booster, master cylinder, prop valve, rotors, calipers & pads, bearings, hoses, brackets)
shocks (front & rear)
springs (front & rear)
front end mini rebuild kit (upper ball joints, lower ball joints, upper a-arm bushings, lower a-arm bushings, lower a-arm strut rod bushing)
Stainless steel brake lines (front & rear)
All parts were purchased at Truck and Car Shop in Orange County, CA.