Sounds like you got a great deal! I look forward to seeing more posts.A little history on the bike I got. It's an 81 gl500 that I got off craigslist for $200. No idea how long it sat. I was expecting it to be in shambles and have to do a ton of work to get it running but the engine turns freely, the tank is empty and rust free, the tired are even in good shape and hold air. The only things missing are the petcock, fuel line and air filter.
The plan right now is to charge the battery, get the few missing parts and try to fire it up. I just don't want to cause any damage by doing so prematurely.