Sounds like you are going to take on someones headache.
Body paint on the hood bump stop is a sure sign it's been painted. Big question is why?
You state the owner left for college, so it's been driven by a teenager. I don't know about you, but when I was a teen, I didn't take good care of my vehicles.
They stated it was scanned by a Ford Dealer and told one of the 02's are bad. Why waste the $ to have it scanned and not fix it?
My opinion, unless you can get this truck for a little of nothing, I'd let it sit.
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Judging by what he paid and what he is asking for it, I believe he owes more then it is worth.
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