Wanted to start by saying thank you guys for letting me join in. My name is John, I currently live just off lake Ontario. I've had countless runabouts from Jon boats to fishing boats but I just sold my weekend car and I'm looking to get into bigger power boats.
I'd like something reliable and easy to work on, big enough to handle the 1-3' chop coming off the lake, and that will run upper 50's to 60's. I've got 7-8k to spend. Some stuff for sale in my area are
87 Formula 242ls 454/a1,86 242ls 2x350's, 85 242 single 350, Baja 240 sport 454/b1, liberator 211, 241 460kc, 221.
Thank you for your time!

Welcome one rule of thumb in boating.......... budget and boating do not go together!!

I run on Lake Michigan probably 5 weekends a year and ran on Lake Erie a ton when younger a 24' boat is going to limit your days on water. I worked in Ontario area and was in Toronto for about 6 years and was out on that lake only a handful of times so my knowledge of the water is limited. If the boats you listed are all in your range for price from a build quality standpoint only the Formula with the BB engine would be at the top of my list.

Best wishes.

Out of the listed options, I'd have to look at the Baja 240 first, then the twin small block 242. I like the Formula hull, but a big block and an Alpha only lasted one year with Mercury for a reason. The Liberator with the King Cobra would be off my list because replacement parts are limited and/or expensive. The Baja has a big block and Bravo, and I believe the 240 was a 24* deadrise, but don't quote me on that. The 242 with a single small block is going to get boring quickly. I only pick the Baja over the twin 242 because of budgetary constraints. 2 motors are great to get you back to the dock if one fails, but Sea Tow/Boat US memberships are cheaper than the maintenance on a second motor.

Thank you, the formula with the 454 is a nice boat but the alpha drive does scare me away a little. The boat is listed at $6800. The Baja is the best power combo but it's a little rough http://syracuse.craigslist.org/boa/4568890421.html

I will stay away from the king cobra stuff thank you!

That trailer looks like a hot mess, and I'm not crazy about the bottom paint or side exit through hull, but if the stringers, floor and transom aren't rotten, and the motor has good compression and it runs well and is functional, you'd be on the water. Personally, I'd wait- As it gets later in the season more stuff becomes available at better prices. You may have to extend your range of travel, but every once in a while an older Sunsation Rocket or a Powerquest will become available in that price range. Real King Cobra drives were strong, but if something goes wrong, your season gets shorter quickly. There was a Python or Banana Boat listed in Toledo CL a couple weeks ago for $5500, 454/TRS, but it needed the transmission rebuilt.

EDIT- looks like the one with the bad trans is a Banana Boat in Chicago CL, and there is a 78 Python in Toledo with a 454/TRS and new transom you might want to search for listed at $7k.

Always remember buying a boat is the cheapest part of owning a boat!

looks like bottom paint on the baja

Nobody mentioned the 242ls with twin sbc's. That is a great boat and very rare and sought after, i would look at that first if i were looking for a 24' boat. I looked for over a year and could not find a decent one. I ended up buying 242ss with 454/alpha.

Ah didn't even notice the bottom paint it blended with the shadow. I'm not set on a 24. I do really like the 211 liberators with the mercy. I'm off lake Ontario by a bit so I don't need a monster but it can still get rough.
How do you like your 242 with the 454?

I recommend to stay away from Alpha and OMC outdrives .