Unfortunately, there's no short answer to that question. It comes with experience and even then it's less "know" and more "think", a kind of educated guess based on knowledge and experience. You have to start somewhere.
I know there's a lot of appeal in bringing back an old tractor from the dead. But for your first tractor thing about this. Even if it's running, a tractor in your budget is going to still need a lot of work. You won't miss out on any fun just because it runs, there's ALWAYS something to do.
For example, just getting the ignition switch on my Deere put back to the original switch took me 2 weeks of tinkering.
Get a tractor where all the gears work and the motor runs. From there you'll still have plenty of fun without biting off more than you can chew.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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