My iPhone 5 is running iOS 6. Can I restore to factory settings and keep iOS 6? Or will it make me upgrade to iOS 8? I'm selling it and don't want to jailbreak, but want the buyer to have to option to keep the old iOS.
If it's not jailbroaken, than you can hit reset all content and settings. If it is, than you can use iLexRat, to clean the phone and leave jailbreak intact.