1. Make sure it starts and runs well. Get it good and warmed up. Change the oil. As far as the oil goes, treat it as thought it were new, change it often till its broken in. 2. Provided it started and ran well for step 1, a carb service is probably not necessary. Hopefully the previous own turned the petcock off. I would however correct the 'lean condition' by looking in the technical section sticky's. 3 brake linings may (probably not) have rusted slightly. So long as it stops well, it should clear itself. However, keep an eye on the wear indicator. 4. Ride!