I came across a 98 mauser in good condition, it has M24/47 stamped on the side of the receiver.
What does this mean?
Would this be a decent action for a custom rifle?
Thank You

I do believe it's a Yugoslavian Model 24/47 which is an intermediate length 98. Shorter cartridges (308, 7x57, 257 Roberts) will work in this action. As for the custom rifle part, there are more desirable choices in the action department, VZ24 being the first that comes to mind.

Yes there may be more desireable actions. Work with what you have and you could have a very nice custom rifle. Look into that 7x57 number or even a 6.5x57 and you may be suprised with the ballistics.