To buy or not to buy... - 01 Land Cruiser - under carriage rust...

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Still look like minor rust?
That is not minor rust imo. How is the rest of the body? Around windshield? Top half of tail gate? I would say no, unless the vehicle is dirt cheap.
 
The undercarriage is not too bad, the bolts would be pretty easy to turn vs non-rusted ons. The axle has more than I'd like, but not terrible. I am guessing it's better than average for your locale.

As I have said before, buy a 1-way ticket and pick up a truck in TX/AZ/SoCal.
 
I'm in the "not too bad" camp, we've seen worse. If it's the right price think of it as a bit of a project to power wash any residual salt and crud, de scale and then fluid film the hell out of everything. Certainly no one could accuse the PO of over lubricating the slips and U joints, based on how dry and rusted they appear so I'd think it likely the parking brake mechanism will need attention.
 
I'd think it likely the parking brake mechanism will need attention.

This! On my rusty rig the 2 areas of concern were rotten rear AC lines and a messed up parking brake assembly (frozen at bell cranks and even the cable was frozen into the line closer to the actual PB handle)
 
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