Rust, rust and more rust. Everywhere, check for rust! Can't emphasise it enough... Panels and repairs are more than easy to find.
It's most likely the 8 valve 2.0, as opposed to the 16 valve or 3.5 V8.
The 8 valves pretty much bulletproof - just check it's got antifreeze in the coolant (very demanding of this) and it shouldn't really leak any oil - mine never did. It should start easily enough, idle happily on choke and pull smoothly - as well as a modern, if set up properly.
Check the oil's clean, do have a tendancy to take out the headgasket if the coolant is not checked properly.
The gearbox will either be a 4 speed, 4 speed with J type overdrive or 5 speeder. Or, even, an autobox!
All of the boxes are strong, especially the 4 speeder w/overdrive. The 5 speed is the LT-77 (off the top of me head) used in 3.5 Rovers etc, so is very capable.
Don't expect the shift to be particularly good, however.
Rear axles are tough, can put a lot through em.
Just check it over!
Make sure the headlights work!
THIS :
http://www.triumphtr7.com/documents/tr7info/buyguide.asp
Tells you pretty much everything you need to know or look out for
Have some photos.
