The rust that is already causing structural failure of the skid plate in front, and rot on the LCAs.
I feel the limited photos of this truck in effect hide what would be a nightmare if @vjr021 planned to keep this thing for any length of time. Tons of stuck bolts, some of them very difficult like the LCA cam bolts, rotted rear brake backing plates, the list goes on.
Unless the plan was to take it up north where vehicles are going to succumb to rust regardless, I’d keep looking.
You call that rot?

All I'm seeing here is just the front getting some rock chips that have caused visual rust. Owner probably lived on a gravel road or something. If its a good deal on paper, I'd personally jump on this one.