Thing to check are the T/A as mentioned, engine rear seal leaking, main clutch, governor operation, brakes. The hydraulic pumps are bad about needing seals, it will either pump hydraulic oil into the distributor, or hydraulic oil into the crankcase, or not have enough power to lift an implement.
The hydraulic remote tower usually leaks between the valves or at the top or base gasket.
Live PTO check operation , the seal between the rear end & the sun gears usually needs replacing leaks rear end oil into the unit & it pukes oil out of the breather.
Check hydraulic cylinders for bent shafts, check tightness of pivot points on the fast hitch for looseness. Front wheel wobble in road gear.
These all will need some sort of attention due to the tractor's age, they really aren't weak points, but what I have encountered on the two I have owned. A little work, a bunch of o-rings & seals, adjustment here & there, it takes some doing, but once you get one right, you will be very pleased, they are a great tractor.
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Today's Featured Article - Choosin, Mounting and Using a Bush Hog Type Mower - by Francis Robinson. Looking around at my new neighbors, most of whom are city raised and have recently acquired their first mini-farms of five to fifteen acres and also from reading questions ask at various discussion sites on the web it is frighteningly apparent that a great many guys (and a few gals) are learning by trial and error and mostly error how to use a very dangerous piece of farm equipment. It is also very apparent that these folks are getting a lot of very poor and often very dangerous advice fro
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