I almost bought one of those, but because every single one of those I looked at had a brokeass suspension I went with the Disco instead. RR's and Discos from that era both suffered from what is known as "The 3 Amigos", which is where your ABS, Brake & TC light stays on. It can be caused by a lot of things, all are already mentioned in here, electrical, ABS, etc.
The old Rover V8 (originally a Buick V8) does like to leak oil, and if I remember correctly it's a fan of blowing headgaskets. Some people have also had issue with the trans slipping. I've never had any issues with the Disco II I owned except for a bad O2 sensor.