I just bought an 87 last weekend for 3200, a little much but the guy seemed so meticulous about the truck and had such good records I spent a little more than what the books say. I'll list the major repairs if you guys could clue me in on what else to expect.

9/95 new gas tank, O2 and MAP sensors 80383
3/96 Ignition Module 85562
7/96 Replaced Starter, Timing Chain and gear set 86173
12/96 Replaced Front and rear shocks 86454
3/97 Replaced fuel injectors 91812
6/97 Reskinned tailgate and spray truck in original color 94712
1/99 Replaced radiator 106465
6/00 Converted A/C to r134 115270
11/00 Ignition module, distributor fuel press regulator 120571
2/01 Replaced ball joints, and tie rod ends 124946
4/01 Muffler and tailpipe, water pump 127498
5/01 Replaced Electric hubs with Warn manuals 128385
7/01 Rebuilt transmission 128465
7/01 Replaced High pressure fuel pump 129414
10/01 Replaced heater core 131706
11/02 Replaced steering shaft 137143
2/04 Replaced Timing chain cover gasket 142720

Even after reskining the tail gate it's starting to bubble again, but other than that the body is solid. Oil and filter changes every 3000 miles. I never had a full size ford before do I need an ignition module in the glovebox for backup? I'm new to 4 wheel drive and Broncos, I bought this to occasionally pull a < 4000 lb boat motor and trailer, snow, and to serve as a back up vehicle. Any towing tips for the truck?

 

what size engine does it have a rebuild on the motor

 

Only two ignition modules in ten years, huh? That's not bad, they do tend to go out often, and alot of folks carry an extra, along with other spares like fuel filter, starter solenoid, or whatever. Just check really, really close for any oil or coolant leaks, especially around the back of the oil pan, valve covers and intake manifold. Other parts that are often neglected are steering components and bushings. Even though he replaced the tie rod ends and steering shaft, you can still have some "play" in the drag link and gearbox.
As far as towing, if it has the optional towing package, it will already have things like a tranny cooler, heavier springs, etc. If it doesn't, at least consider the tranny cooler, since towing will heat up the fluid and could hurt the transmission.
Good Luck!!!