i first must admit that i am new to the jeep world, so my questions may sound simple... i just bought a yj from a buddy of mine with a blown 4.0 and so my first project is to get it running. i have heard that something like an iroc 305 would go in fairly easily with a kit, is that true? keep in mind i am a college student so my finances are limited. would i be better off just finding a rebuilt 4.0?

IMHO a rebuilt 4.0 is plenty. Just gear the axles properly and you'll be set. Add more HP and you'll just be breaking more shit. :D

The V8 conversions are never simple, radiator, engine mounts, power steering, transmission adapters.

the 4.0 will be cheaper.

Find a running 4.0 to swap in for now, then rebuild the old one into a stroker, using a crank from an older 4.2 AMC, not cheap or easy, but you'll end up somewhere around a 4.7, with gobs of torque, and more horsepower than a stock 4.0.

Just my $.02