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OK, I got it ... MBS has already set in and at such an early stage in my membership. 8)
My first GL1100 is in need of a LOT of work, as you can see here My "outside the barn" find and I found myself looking for another engine. I've found another '81 GL1100 "parts bike" that the picture actually looks like it has decent potential. After calling the seller, the best part is this bike includes a spare 1100 engine, an extra wiring harness, 3 sets of carbs, and other misc parts AND another older GL1000 engine that reportedly ran when pulled from the donor cycle.
Now, armed with a little more knowledge thanks to you all, I am taking along the following...
3/8 ratchet, 18mm deepwell socket to pull the sparkplugs on all engines.
Some penetrating oil to lube the dry cylinders (and spray the plugs before removal)
Turn over the engine still in the bike using the rear tire in 5th gear.
17mm box end to remove the stator bolt cover and a 12mm socket to turn the stator bolt on the two sepperate engines.
A good flashlight (AA maglite) to peer into dark places, like checking the condition of inside the gas tank.
A small charged 12v booster battery pack to power up the electricals and see what works / or not.
I will also verify the front and rear brakes apply and release, the clutch level works and releases.
Also work the shifter and verify all gears engauge while on it's center stand and rocking the rear tire.

Anything else any of you can think of that I should take along or check out that could be a deal breaker?

Check this thread

http://www.ngwclub.com/forum/viewtopic.php?t=11785

Don't worry too much if the brakes don't sork. Most of the one's I have gotten that sat for any length of time didn't have much if any brkae's when you pulled the lever or pushed the pedal. Depending on the asking price you may or may not want to haggle much. Title's make a bike worth more of course.
A lot of how much you are willing to spend depends on you. I have bought what looks like real junk but I knew I could fix it or sell parts off it and make a little coin.
A lot depends on your wife sometimes too. Mine is very understanding. She don't even flinch when I drag something home. She usually helps unload it.
Your list looks pretty good. Negotiation is your friend. If has that much and wants to well it all he is wanting to get rid of it. That usually works to your favor. There are ways to low ball a guy without insulting him and/or pissing him off. It takes practice though. You have to think like a salesman. Always come across as his friend while your trying screw him. Not that I have ever done that.
Good luck. I'm going to send you another email too. Look for it.

Thanks for the insight Whiskerfish!
And Robin, all good points, I can haggle with the best of them and give you an All-american apple-pie goody boy charm (as much as a 46 year old man can have anymore). And my Mrs is a gem as well, she has confidence in me, some times too much

Well the knowledge helped. After a 5 hour round trip I came home with a '81 GL1100 Interstate 90% complete no seat, rear shocks, or exhaust otherwise appears complete engine wouldn't turn but I didn't force it. A second GL1100 engine that turns over heads are off but included, an additional '81 frame, 2 wirieng harnesses...Neither of the frames were rusted though and the center stands braces are noth cracked
also an older GL1000 engine that turns over as well and early carb set...plus boxes of assorted "stuff" like valve covers, rocker shafts, cam gears, fuel pumps etc.... The add said spare wheels and another carb set for the 1100 but the guy couldn't produce them from the two sheds and two trailers where all the "stuff" was scattered.
After some haggling I got it all for $200, and agreed pay another $50 each when he produces the titles and carbs.
May not have a rider yet, but I got enough parts for a good start.

Wow, quite a haul there. Good price too.

You did very well!!

Where was this WF's house? Sounds like his collection. Good deal, especially if you get two titled frames.

That sounds like my kind of deal...I'm waiting for some one to pay me to take their 'wing away

I've seen a couple of free ones on CL in the last couple of years. I just don't have all that much room to store them so I can't pick up everything I'd like.

hey, I'll store them for ya cookie old pal, I've got plenty of room 8)

Next time I see on e I'll get int touch with you. I did just put a bid in on another spare motor.

Sure I've got plenty of room, what motor are you looking for? 8)

I don't really need one at the moment. I'd just like to have a good spare sitting there in case I do. I bought one spare motor for $50 but the guy who tore it down must have been a meth addict. A number of critical parts are missing and what is there is all mixed up. I'm pretty anal when I tear down an engine and like to keep everything marked and together.
Otherwise you have to go to twice as much trouble hand fitting everything.
I think these bikes are like old Mustangs were a few years back. The bloom is off the rose and they have not been discovered yet. It's good to have spares while they are cheap.