I've just bought one and done a hell of a lot of work on it. But I knew what I was getting myself into, and for the price I payed! So far I've polished the frame and all alluminium and chrome parts, done the kickstart pawl gear which involves stripping the clutch and removel of the clutch basket, rebuilt top end, front wheel bearings, sorted out the plastics, new bars leavers ect...
Just listen to it running and listen out for any knocking or slapping noises, check the fork seals, get it on a stand with the back wheel off the ground and check the swingarm bearings for play, give it a ride through the gears just give it a good checking over. Out of curiosity how much you getting it for?
All The Best