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So im considering picking up a completely unused Island of Blood set. After being out of Warhammer for a few years it looks like a decent way to get back into it! Ive started back up with 40k and collect orks and space marines. Ive never really been into Fantasy but thought id give it a try. So how is this set? Decent quality and nice models? Also im looking for a few good tutorials for Skaven and High Elves. Ive never been very good at painting skin haha. Thanks for the help guys!

Oh and the guys selling this set for $40. I think that's a decent deal! Its 100% complete.

It's a good set. The models are nice - especially for the elves. I don't think they're very well balanced if you want to play with just the models in the box but they're certainly a good starting point - especially at that price!

Google is your friend for tutorials, something like 'island of blood painting tutorials' will give you lots of options so you can pick the right one to fit your style and experience.

To help with painting skin I'd recommend picking up a set or two of the Reaper Master Series triads. You get the base colour (pale skin, tanned skin, olive skin, etc) plus a shade and highlight for it, which is really useful.

Its a great value set mostly (asuming you want high elves or skaven that is)

Lots of skaven players I know have bought upwards of 5 sets just for the clanrats and weapons teams.
Combining IoB with a battallion box for either army nets a good selection of core units - for the rats... you want more bodies and really need to be outnumbering most enemies by a lot.

lots of youtube painting guides for these minis;
https://www.youtube.com/results?search_query=painting+island+of+blood&sm=3

I really like the models in Island of Blood, most of my skaven are from it.

Skaven have the best half with the most useful stuff, the sculpts are excellent and easy to paint. Island of blood has the only Poisoned wind mortars from GW which look amazing and the warp fire throwers are also awesome. Rat ogres sculpts are WAY better than the ones you buy separately.
For $40 you can't go wrong as you get the rulebook too! I would go for it.

As for painting skin on the High Elves I can't help you with that For Skaven it's pretty straight forward in the citadel line this is how I do it.
Prime models white, watered down wash of mournfang brown, then you put ratskin flesh on the skin parts about 2 layers should get good coverage, wash in agrax earthshade or the ogryn flesh one (not sure if its a different name now) then either highlight right away with a brighter ratskin tone using a mix or re apply the ratskin flesh everywhere except the crevices and then highlight with 50/50 ratskin flesh and something lighter (can't remember off the top of my head)

With the clan rats you can easily get away with ratskin flesh then a wash because you'll be painting a ton of them.
I have a rat ogre in my Skaven gallery that I did using this technique and it's from the Island of Blood set.

For skaven skin I like the idea of flesh and green wash over a light grey undercoat.