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See my post about a few minutes ago about purchasing a used truck that ended up having a dead #8 cylinder. Look very carefully at the air filter, the turbo wheel, and if I purchase another one I will have a compression test run first.
I would also check closely for any oil leaks and get them to diagnose where the leak is coming from. Come leaks can be fixed easily and cheaply, but mine had a leaky oil pan seal (that I did not fix because it was not too bad of a leak) which is very expensive because the motor has to come out.
I am sure others will chime in and if you do a search on the forum you will see many many other questions with answers just like yours.
2001 F-350 Crew Cab 4X4