I think he meant it's a repurposed cloud server, i.e. in its original home it was used in a cloud computing scenario.

I'm with everyone else though, in thinking that a good quality workstation would be a better fit for his purposes. For the same $300 you can get a decent workstation with a quad core CPU and hardware virtualization on eBay that can handle 32GB of memory, and room in the case for at least 2 HDDs and 4 SSDs if you use a stacking mount.

"Home cloud" is 100% buzzword-compliant. Servers are those things with tape drives and blinkenlights from the 80s!