Just bought a '99 F250...
 

...with 240,000 miles on it, the truck has a 5.4 and is 4x4...what problems should I be looking for(or forward to)? what preventive maintenance should I do first? The oil pressure gauge show no pressure so I had it towed to a friends shop. The kicker is I only paid $700 for the truck, so I know I am probably gonna dump another $2000-$2500 to get it running reliably...

Ya probably the transmission will go and maybe the driveshaft to the four wheel, that went out on my friends. I have a 01 f250 with 210000 and i havent had any real problems yet.

frozen and stripped out spark plugs,bad coils,rotted off manifold bolts...these are common issues!! the only one i had was manifold studs...$395 to fix at 72,000 on a 5.4 2001 F250 4x4