Engine Rebuild kit and question

Hi everyone. I just picked up a 1987 RX7 N/A with one slight problem... when I romp on it about half the time it will blow a cloud of smoke out of the tail pipe the rest of the time it is fine. Any ideas about this?
Also I am thinking about doing a rebuild on it but the cheapest kit I noticed online was about $1000 does anyone know a good source for such a kit?
Any advice would be very appreciated. thanks.

what color is the smoke

the rebuilt kit price will differ from what u change and what you dont, reffer to www.mazdatrix.com (http://www.mazdatrix.com) for prices..

Just buy a new engine. JDM turbo (30k miles) are about as cheap as a "rebuild".

Just buy a new engine. JDM turbo (30k miles) are about as cheap as a "rebuild".

half of em are blown and half of the other half needs a rebuilt, hes better off with a rebuilt

The smoke is white... I don't know if I want to go to the trouble and expense of ordering a new engine though.

Here is a bit more info about the car.
-I bought it for $350 because it probably won't pass smog
-It leaks water
-it Burns oil
-I took the oil cap off and there was like some sort of white foam in there.
-this engine has 180,000 miles on it

Could it have a blown head gasket? Do they have head gaskets? Could water be leaking in to make this smoke (the smoke doesn't have much odor)? I'm thinking changing the head gasket and putting a seal kit in it would work wonders...
opinons?
thank you,
Beowulf

What's a Head gasket??

sorry buddy rotaries don't have head gasket. Looks like a coolant seal is blown . Rotaryaviation.com has some pretty cheap rebuilt kit if you are on a buget.

or if you want a quick fix try some CRC block weld.
http://www.rotaryresurrection.com/
then go to "TECH" on the red column
then go to "Coolant Seal Fix" its the 9th down in blue letters

Can someone give me a website for those 30k engines?
thanks