I wouldn’t even bother with hay to be honest. I knew someone who kept all her older horses on Equine Senior. You can add soaked alfalfa pellets.
It shouldn’t be that difficult if you don’t mind keeping the horse close to the house. I keep my old mare as close to the house as possible as she needs multiple meals a day. It’s simpler to walk out and dump the feed bucket right over the fence that surrounds the patio. Then you don’t have to make multiple trips to the barn or pasture each day. Soaked feed is heavy to carry. I still make multiple trips because of my other horses, but it is so much easier keeping her close to the house.
Soaking hay is incredibly time consuming. I did that for one of mine- the vet thought she had heaves. It was actually inflammatory airways and she recovered fully. That vet was ready to write her off as a complete loss. Pfft. But i do not recommend soaking hay. Wet hay makes me itch like crazy! It’s heavy to lift. Just a lot of extra work. I could soak one meal a day, but multiple meals??? Ugh.
I had another horse start coughing severely after the neighbor burned. I guess he is sensitive to smoke. But it sure was embarrassing to have him coughing and hacking when I took him riding! He also fully recovered with a short course of steroids.
Even if the horse sounds bad, i would not hesitate to try treatment, as you have no idea how well the owners were managing the disease. If it is unmanageable, then euthanize. Nothing is worse then being unable to breathe. Some people feed cow hay, or leave hay in the rain and wonder why their horse has heaves.
In end stage heaves, they drop weight, and struggle to breathe. They may huff like they ran a race just standing in the pasture. They tend to overheat in summer, start huffing, and need to be cold hosed to bring their respiration down. You see this in Florida a lot with heaves.
Hay seems to be a major trigger. So does dust. Some are allergic to pasture grass (or the pollen in it) and can’t be on pasture. Full turnout with a shelter, is much better then being stalled for these horses assuming they aren’t allergic to pasture. You probably don’t want to feed hay anywhere near him.
If you have the time and resources to commit, then I see no reason for you not to try. If the owner is very negotiable on that price, and the horse has the training you want, then yes. But that price tag is too high in my opinion for a horse with medical issues. I paid $600 for my dead broke foxtrotter and she has no health issues. Unless he’s a show horse, i would not pay that much.