That sends up a flag to me. You need to ask why it has an LS transmission. I'm guessing it's for one of two reasons. The first is that he was planning to turbo it at some point, and some people like to use the LS transmission for that because it has longer gears. The second option (and I'm guessing the more likely) is that the car was beat on, and the original transmission was trashed, so he put the LS tranny in there because you can get it for relatively cheap. I'm guessing this is what happened because it sounds like he recently rebuilt the motor too.
I would definitely ask about the transmission and the motor rebuild. Like I said, that LS tranny has long gears. A lot of people claim this is better for turbo (althought it's often debated). One thing that's for sure though, is that if you're not planning on turbo, then that transmission is definitely NOT the best choice for a B16. B16s are rev-happy motors. They make their power at relatively high RPMs. A B16 tranny has short gears and will get the motor to the higher RPMs quickly. The LS tranny won't. It's designed more for fuel economy.
I don't know about this car. Seems a little sketchy to me.
