[cgates30]

The story:
Car went in to shop to get things checked out after sitting for 5 years. A few miles after leaving shop, white smoke started spewing from the tailpipe. Driver immediately pulled over and had car towed back to shop. No formal diagnosis was done at the shop, because the owner became fed up. Not sure, but could this be the sign of a blown head gasket? Are there other things it might be? What should I look for? No water noticed in oil and no oil noticed on visual inspection of coolant. I don't want to have car taken to a shop for diagnosis and incur the towing/diagnosis expense if there's a short list of things it could be. If there's so much uncertainty, then maybe I should pass.

The situation:
I'm not the owner, but the possible buyer of said car. Given the situation, the car is obviously discounted but I'm trying to figure out its value and what the potential costs for repair would be. The owner didn't get an estimate (or isn't sharing it) because (perhaps) there was some uncertainty about what repairs are needed and didn't want to have one thing lead to another for a $3-4k car.

So is this likely a parts car or is it worth saving? I'm mechanically oriented and have done timing chains, valve adjustments, and other similar repairs on other cars including 912's - but have never worked on a 944.