Do you know if there is a manual action against the site? If so, in some cases, you can show Google evidence that you are the new owner and they will lift the action. If they don't lift the action then you have to go through the full process of cleaning up the backlink profile (trying to remove as many bad links as possible and then disavowing the remaining unnatural links) and then filing for reconsideration. This is usually what happens.
If there is no manual action on the site then disavowing the bad links will probably do the trick. The problem is that there are so many unknowns surrounding the disavow tool.
If this is a site that is going to be important to you, and if the domain currently has an unnatural links problem then I wouldn't risk trying to clean it up. I'd probably buy a different domain name.
With all of that being said, are the links to the site actually bad ones? If they are primarily self made, low quality links then everything I said above still applies. If it's just that the links are not relevant to your content then I wouldn't worry about that and I'd just go ahead and create my new site.
