OK, this 10hp has the larger 18hp style gearcase, which is a good thing. Ask the owner if you can crack the lower gearlube drain screw to check for water. And, like Frank says, check for loose/sloppy wrist pins. Ask the owner what fuel/oil mixture he is using, if he says 50:1, you might be concerned.
These are pretty solid engines, other than possible wrist pin issues. Be sure to check the normal stuff, look for bent/cracked castings, signs of overheating, etc.