BuddyPress.org

hi there

Well, currently Buddypress allows users to change the text/their images(gravatar) etc. So most of the thing you want is already there.

For your second question, I don’t think there is a plugin which allows selecting font size/color, so this is something which you will not get out of the box.

You may want to take a look at Boone’s plugin tinyMCE for Buddypress. That allows posting rich text data.

https://wordpress.org/extend/plugins/bp-tinymce/