Thing to check are the T/A as mentioned, engine rear seal leaking, main clutch, governor operation, brakes. The hydraulic pumps are bad about needing seals, it will either pump hydraulic oil into the distributor, or hydraulic oil into the crankcase, or not have enough power to lift an implement.
The hydraulic remote tower usually leaks between the valves or at the top or base gasket.
Live PTO check operation , the seal between the rear end & the sun gears usually needs replacing leaks rear end oil into the unit & it pukes oil out of the breather.
Check hydraulic cylinders for bent shafts, check tightness of pivot points on the fast hitch for looseness. Front wheel wobble in road gear.
These all will need some sort of attention due to the tractor's age, they really aren't weak points, but what I have encountered on the two I have owned. A little work, a bunch of o-rings & seals, adjustment here & there, it takes some doing, but once you get one right, you will be very pleased, they are a great tractor.
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