My daughter just sent me the pic and asked if I want it. Hell yea. BUT, so far I have no idea what the asking price will be or what the condition is.
Her co-worker, who appreciates the many different cars I drive to work, showed her the pic and said that his neighbor wants to get rid of it.
Assuming rust (probably mild) and far from running, how much can I spend without being stupid?
Officially called a Toyota FJ40...look them up on your local Facebook marketplace. My guess is a $2k value in its non-running state, $6-$8k if it runs but doesn't drive well, and $60k in restored, mint condition. These vehicles are hot in the current market.
Similar samples:
$2k non runner
Those are asking prices. They may actually sell for half of the asking prices. But, even at half, these bring higher prices than you might think.
As one might expect from a vintage 4x4, they are slow and crude by modern standards, but can be very capable off-road. I think they are tons of fun in the right setting like Jeep trails, logging roads, on the farm, Sunday morning around town on surface streets, etc.
Most have 2F or 3F gas straight sixes. Canada for sure got some with diesel 4-cylinder engines known as the BJ40, not sure if the US did as well.
These were sold from 1960-1984 and there are a lot of little changes along the way. The one in the photo is a later one as best I can tell, 1979 or newer based on the slightly squared off grille surround (instead of oval.)
For collectability, older is probably worth more when restored. For a project vehicle that you plan to drive, newer is arguably better. Four-speed transmission (instead of three) front disc brakes, improved steering, under-floor fuel tank, and potentially easier to get parts for.
The aftermarket and restomod scene for these is massive. If you are so inclined, they can quickly become a rabbit hole and money pit.
The forums at https://www.ih8mud.com/ are full of enthusiasts and have tons of information.
Assuming rust (probably mild)
I for one am going to hope for the best on this aspect. In the picture supplied there is no visable rust through. So that is a good thing!
Our own fj40jim can probably address any specific questions you have.
FWIW, out here in Oregon asking prices on a non-running field find are usually $1500-$2000. There was a really rough rusty one recently that was free, you haul. $5000 is about the going rate for a decent condition roller needing a drivetrain. $7500 buys you a running project in need of work. $12,000-$15,000 gets you into a decent driver. Expect to pay $25K and up for a nice tidy original one or a restored one. $50K and up gets you something really special in terms of spec, rarity, or degree of restoration/modification.
I think what could be tricky is a cheap non-running project could be a good deal (minimal rust, engine turns over, hasn't been sitting too long, glass intact, rubber parts aren't all wasted,) or could be more expensive than just spending a little more for a running one. For example, a $1500 vehicle that only needs $20,000 in work to bring it up to the condition of a $13,000 truck. 
You will never get a speeding ticket in a Deisel Land Cruiser
Judging by the burned off paint on the hood and fenders, this particular vehicle is in some hot, dry location? I don't see any visible rust outside of the surface rust on the hood so it may be a good candidate - originality is a big thing these days. They're pretty simple vehicles so getting it to run and drive probably won't be difficult. It will be crude to drive when compared to a modern vehicle, but that's missing the point of owning one.
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