Frame rust opinion

I was looking at this 2009 4runner for sale at 121k miles and everything was perfect with the truck until I looked underneath. Is this acceptable amounts of rust or should i move on to another truck?

 

you either need to crawl under..and check that frame carefully, or get it up on a hoist...surface rust, isn't bad to deal with..the problem being when certain frames, are eaten up by rust, leaving the metal weaken, and looking like swiss cheese. so it boils down to how much work is needed to 'fix' and purchasing the vehicle..or WALKING AWAY..

 

what is in the picture is so minor and insignificant amount of rust as shown in the pictures even can see the original Toyota Exhaust hanger is perfectly in one piece, Original paint without anyone trying to cover things with spray on rust proofing.
That is Something depending on how long I plan to keep I would make it a few weekend projects out of and clean it up repaint and put some good quality penetrating oil on the nuts and bolts of items that you may want to replace

 

You didn't say where this T4R has spend most of it's life, if in the snow belt then the rust is most likely worst then it looks like, if not then further checking should be done, you're not showing the main concern, the frame itself, Toyota frames as well as other frames rust from the inside out for the most part, as mentioned get under it and do a closer inspection, go with a hammer and start tapping on the frame anywhere you see the most rust if it sounds solid then it just needs a good cleaning and rust proofing, if it doesn't sound solid anywhere then the rust has goes too far and you need to walk away, bad frame rust on these usually start on the radiator support, on the passenger's side frame behind the wheel at the firewall where the AC drain dripped down onto the top of the frame and any where the suspension connects to the frame, rear cross member where the trailer hitch is, if all these areas are solid then the frame is usually worth the work to rust proof it.