Are there specific things I should look for?
Termites create little, bitty holes and they usually start on the ground level. Natural damage can come from your sprinkler system hitting the house, guttering that has started to spill over, downspouts that are clogged or leaking. Water can damage and rot siding wherever it sits for too long or spills down or finds a way through.
Watch for foundation issues. If you have a grade that runs back toward your house and allows water into the foundation level, that’s a problem. Any shelf on your house that isn’t sealed will eventually start to let water through. Ledges that allow water to sit in them need to be sealed.
Gaps in siding you can see through are a problem. Noticeable gaps in sealant are a problem.