What to look for
Perro is the last word(
http://www.gunboards.com/forums/UltraBoard.cgi?action=Headlines&BID=30&SID=1268243 ) but I'll chime in here before you head over there.
The CETME is an honest-to-God assault rifle. They were imported by CIA, had their original receivers cut up, and new, semi-auto-only receivers installed. They came in three different flavors: original pressed steel receiver which was very poor quality, Stainless Steel forged receiver which worked quite well and was virtually identical to the original in shape, and finally a new, pressed steel receiver which is supposed to be even closer to the original.
Orginally, the CETME had a pressed steel receiver, btw. The SS one is the most accurate to the original in shape and size, however, and is the version I have. I don't have experience with the final version but I understand that it's very nice, indeed. There is a lot of welding on the CETME that has to be done properly for the rifle to work. Tolerances are iffy on many rifles.
Of all the "new" rifles I've purchased, the CETME has required the most amount of tinkering to get it to run correctly. First of all, you'll find that even new, the rifle will be filthy with bits of metal and grinding oil in it. To me, that's inexcusable on CIAs part. Those rifles should be immaculate when they leave the factory but they never are. That's ok, however, because I never shoot anything that I haven't disassembled and inspected myself, anyway. So, the first thing you'll do is strip it down to its bits and pieces. BTW, note that the breech is fluted to help with extraction!
These rifles love lubrication and I use Militec on mine with great success. Once you get it back together, you have one more task to do before shooting. You're supposed to rack the action at least 100 times to help it seat properly. It's going to be very tight initially. Racking it after lubing it will help wear it into it's new home. You might even go for 200. You won't harm it by doing this, btw.
Next, before shooting, check to see if the muzzle thingy (as it's called) is properly installed. Some angry beavers have actually drilled right though the barrel to install the blind pin. Some rifles have acutally have the pin protruding into the barrel!! Imagine that. So, bring a good bore light to check that out.
Finally there is a critical measurement that need to be taken. You can read about it at Perro's forum. Do a search back to about 6 months ago for "Head Space" or "Bolt Gap". Do yourself a favor to do lots fo reading on this subject beforehand.
Now don't get too nervous about all the technical stuff. There is a lot to grasp, however, as the CETME is just one of those rifles that is a little tempermental until you get to understand it. Once you get this stuff sorted out, you'll have a great rifle.
My son and I took ours out along with 12 other SA MBRs today and ended up putting more rounds through the CETME than any other. You can really bump fire that rifles extremely easily and we were able to burn 20 rounds in about 6 or 7 seconds! It's as close to full auto as I'll ever get on my own. And, holding it just below shoulder height, control is very easy. We split a bunch of milk jugs at 100 yards that way! What a blast!
So, do your homework, learn everything there is to know about this rifle, and be prepared to strip it down from new. The only tricky thing was the bolt head which pivots onto the bolt and locks. It's a little tricky but the guys at Perro's site will help you. You can even email me directly if you really get stuck.
Good luck. Just go into this purchase with your eyes wide open!
Rome