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First, theres no repairing that. You're in for a full replacement.

If it was just the section from wheel tub back that's pretty easy, I've done both of them. You'll need a full rail from the torque box to tail light panel brace. Removing the full trunk floor, wheel tub, part if not all the rear floor and prob inner rocker by looks of it. Def set the car up on a jig and door bracing to keep square.

They do make the rails, just a lot of work to do it. Been there, done that. See my link below for an idea.

To do it right by the looks of the rot, you're better off cutting the entire underside of the car out and replacing with this that has everything already set in place.

 
Unless this car has sentimental value you should just scrap it and start over with a better candidate for restoration. I don't see anything worth saving and you will spend megadollars on it.
Have to agree esp after looking at your other pics

 
Thank you everyone for all of the help and thank you for the criticism and yes i am most definitely in over my head for a first project car but i dont want to junk this one because it doesn’t feel right to junk a 65 mustang and i am going to try to save it
Save it by reusing any parts you can, trim, glass, dash, etc. Let the body and rest go.
 
What the springs are still attached to doesn't look like much and what good metal is there to get a decent weld out of?

You really need to find a steel supplier, build a 2x2 frame under it with vertical mounting points to rockers, outer cowl side panels, rear taillight panel brace etc and cut the bottom of the car out. However, looking at all the pics, you're key mounting points are rusted away as well.
 
30 second search of Detroit metro area (where i think you are) and this comes up. You'll have WAY more $$ in sheetmetal alone vs. what this car is priced at.

 
We've mentioned this.
 
Making a dedicated place w/out the clutter will work wonders. Looks like a good work space, just needs 1-800-GOT-JUNK.
 
Or this whole thing is AI based and we've been duped.
 
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