Is it smart?
 

Is it smart to buy an rx8 with 110k miles? also has possible power steering problem , seller says its stiff and needs the brakes to get replaced. Im worried for the motor and power steering. Ive read PS repair can be 2k+. Oh yeah, the seller of the car i initially was going to buy backed out.

The power steering issues is typically with the wiring but problems with the rack itself could arise given the mileage. If it is 110,000 on the original motor then I think buying it without budgeting for an engine replacement is a bad idea as they typically don't last much over 100,000 miles.

Unless it is a very clean car otherwise and a great price I would walk away. There are plenty of reasonably priced clean cars available. For example the very clean Shinka with the Mazdaspeed kit that has been for sale for quite a bit here.

1. What is your budget?
2. What is the price of the car?
3. What do you expect out of the car? (Daily driver, reliability, track car, project car?)