From the looks of it it is going to require a LOT of metal fab and most likely unibody frame rails and floor boards replaced from the rust I'm seeing. Are you going to do it yourself? Do you know someone with a shop?A friend restored a '67 Firebird with lots of rust doing almost everyting but the body/frame and engine work and has around $35K in it. If you pay someone to do it it would be more. At best you'd have $15 -$25K in an '85 Belinetta you'd be lucky to sell for $8k when it's done. Does that make sense to you? You'd be far better off finding a solid/rust free car from out west/ Arizona area.
Sorry but if you're parents told you it would be a waste of money I'd have to agree with them.