What are the likely problems associated with a.

More than you could ever imagine. Run as far away from that as you can. That's why the insurance company totals it.

I agree with the previous post.
Electrical problems are often associated with flooded vehicles. Things work sometimes and don't at other times. Or work when they're not supposed to. And this is just the beginning of the problems. Like the first guy said. Run away!
If you already own the car, have the insurance company to look at it and pray that they total it.