You mean besides all of the usual stuff for a 20 yr old vehicle likely with high miles which is pretty much everything on the vehicle? Here are some of the more vehicle specific failures on this particular vehicle I have experienced that I believe to be very common:
1. Timing chain cover gasket leak, this is pretty expensive job if you do not do it yourself and if you do, you will wish you did not have to do this job. Sometimes some of stop leak products work but this is a very common failure. I have replaced the timing cover gasket on 3 of the 4 5.0s I have. I would recommend you do a pressure test with a kit you can get from Advance Auto, or other and pressurize the cooling system and look for leaks. You may also find a radiator leak which is also relatively common. Also read up on the timing chain cover gasket leak failure, very very common.
2. As mentioned AWD transfer case does not like different size tires and many of these will have the front drive shaft removed. You do no mention if yours is 2WD or AWD. Replacement of this is not the worst job but again if you are a do it yourselfer, if not gonna be expensive. You should at least check to be sure the front drive shaft is in.
3. Cam shaft synchronizer squeak. You will hear a chirping noise coming from the engine bay. I have replaced 3 of 4. Very easy job but OEM part is probably $150 - $200 and needs a special tool and knowledge of how to get to TDC for installation.
4. Well, fuel pump. I almost make it a rule when buying one of these older vehicles to drop the fuel tank, clean and dry thoroughly, replace it with a new quality fuel pump. Can be a kind of a pain job with the fuel fitting always playing difficult or if you do this with the fuel tank.
5. Shocks and ball joints. Good chance both are bad. Would want proof of when they were last replaced, if they do not know, likely need replacement.
I got my daughter one of these when she was just out of high school at ~190 K and she is still driving at ~250 K miles though I have done all of the things above on hers (as well as a lot of other stuff). I would change ALL of the fluids (brake, oil, trans, transfer case, power steering, front and rear differentials, coolant). Of course, brakes need to be in good order and of course a CEL check.
To be honest, as much as I really like these 5.0 AWD vehicles, I am not sure I would recommend them to someone who is not a do it yourselfer, repairs can get very expensive and things like starters, radiators, alternators, plugs, wires, all of the normal wear and tear stuff is going to need to be replaced at some point or the other in an older vehicle.
If you are a do it yourselfer, there is a lot of information on the internet and this forum as well about problems and repairs. Good luck.