The first question might be to ask yourself how handy and how engaged you are. The rust in the second picture is flaking, which is not good, but the rest looks fairly easily treatable.
The key, though, is that you need to get at it. The surface rust gets everywhere so you need to figure out some serious dedicated time to deal with it. There are multiple methods which are searchable in this forum.
Unless you have access to a lift, figure out lots of time on your back and some nice, long warm showers to get all of the crap out of your eyes.
Good luck. The price is right. In fact, the price is so right that you should definitely be looking hard at the engine and running gear.