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Hi, I have recently acquired an 82 KZ550LTD import for the princely sum of £100. Now, as I'm sure you can guess, at that price its not exactly what you could call showroom condition!
It looks terrible and I haven't heard it running either. 
However, after a bit of an uneducated inspection! I don't think it is quite as bad as I first thought. First an foremost I wanted to check that the engine wasn't seized however there's no ignition barrel so off with the side casing and on with a socket. Although initially it was a bit stiff, the engine turned and feels nice and free, so that made me feel a bit happier. 
As well as the ignition there's no battery, clutch lever, front brake lever or master cylinder, side panels, air filter, indicators as well as some bits of missing wiring. Other than that, she's a real beaut!
I went ahead and ordered a used manual which, in relation to the wiring has been a god send! I identified that I was missing a regulator rectifier so have one of those on route and there's no fuse box and the wires have been joined together where said fuse box should be. So, I have one of these ordered too.
Battery, new plugs and an ignition barrel are also on route.

My plan is to get this thing up and running and hopefully have myself a bobber or cafe racer style little Kwaka to ride about on. I am in no way qualified to do this or really that knowledgeable, but I'm very determined and generally quite practical. 

So anyway, that's me and my little adventure up to now. I hope that I don't ask too many questions!!!

cheers Andy 

Welcome aboard!

Here is a link to some good 550 info. s3.amazonaws.com/gpzweb/index.html
 

Welcome from Leicestershire

Welcome Andy.
Sounds like you have a lot to deal with on your project.
Try posting up some pictures.