I agree with the other comment of "what does he want to do with it?". Depending on how much money will be spent, and if its for a show restoration or to pull a hay rake, that can have a lot to do with it.
Goose makes some good points and things to check. The only thing I guess that tends to get expensive would be if you need to do any transmission bearing work. If there is one that you can take for a ride, see if it will stay in 5th. Sometimes if they were ground into high gear it pops out. Plenty of posts here about that and what is required to fix.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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