P38 doesn't rust like the classic, but any old motor has challenges. Check everything before you buy. If you can do the jobs DIY then it will be interesting but fun. If not you will need deep pockets. air suspension is easy to fix (mostly leaks), but nice when you get it working. Maintain it and you will have good motoring.
Slipping liners depends on how the block was cast, and how they were fitted. Some seem to have support at the bottom of the casting (found this on my 4.0 recently) and hence cannot slip. Others need replacing with top-hat liners, or may never give issues.
Electrics can be challenging, but most issues are corroded connections which are easy to resolve. Check signs of water leaks all over the inside.
Check drivers footwell near heater for O-ring leaks. They are difficult to change without removing the dash . . . .but it can be done at home in a day.
Plenty of buying advice on here, so use the search. Others will add more stuff to watch for.
and lastly you aint gonna get 20mpg overall, but can be done on a motorway run, depending on how heavy your shoes are.