Need some opinions on a Lance 825 I've been looking at...

A couple of months ago when I was looking for a good, used camper, I would have chalked this one off the list immediately. As others have mentioned, there's a serious possibility of structural rot. Bulging like that is characteristic of water damage. That means the likelihood of compromised walls, flooring, and who knows what else. Not worth the hassle and eventual cost in my opinion.