[Murgo]

I have one of these Chinese mini-lathes, they are ok for small jobs/soft materials and reasonably precise if set up correctly. Great for brass, aluminium, hard wood or plastic, they'll cut steel too if you have a sharp tool, take your time and don't try to take too much at a time as they're neither powerful nor sturdy enough for heavy cutting.

Expect to spend a few hours for proper adjustment of gibs and aligning the head/tailstocks unless the previous owner already did that.

Here's a page with a lot of info on said lathes, including setup instructions, tips and modifications. http://www.mini-lathe.com/