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Welcome from the Land of Evil Spirits!

1. Does it run?
2. Does is drive?
No real point in moving ahead until and unless these two conditions are met.
Q: How did it get into its present state?

If 1 and 2 are good, then the usual oil, filters, plugs, brake fluid, probably caliper rebuild, coolant, battery, tires etc. BUT: the carbs must come out and be thoroughly, completely, vigorously, (did I mention completely?) even hygenically cleaned. There are lots of threads on everything in this forum, as these are classic bikes and everything than can be done to them, has been done. As is, they make 95% of the HP they will ever make - but it will make a lot less if the airbox is canned and a "stage 9" jet kit is swapped in.

The engine needs some intake restriction (airbox) and exhaust (back pressure) to make good HP. Whatever exhaust you settle on, give it "some" back pressure, as the valves, ports, cam timing etc all work with some back pressure. 2 into2 if fine as these are 180º cranks and do not really benefit from 2-1 exhaust. And they sound crappy when loud and mediocre when quiet. No V-twin here.

Your low dollar buy-in allows you to spend on some refurb and some upgrade. We can fill in on all of that as you go.
 
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