Found an FT500 that had been sitting for about 17 years or so .. here is a picture of the bike when I picked it up.
To date, I have replaced the chain, treated the fuel tank for rust (but I think I still need to reline it), purchased replacement rear shocks from PartsNMore, rebuilt the starter solenoid mechanism (the PO had already rebuilt the starter itself), cleaned the carb (twice so far), ordered brake caliper and master cylinder rebuild kits (not done yet). Bought a replacement seat cover but haven't installed it yet (the seat pan and foam are good). I'm currently trying to figure out why it won't start. Need to check compression today and rule that out. Spark is there but I'm not sure it's strong enough. The petcock needs to be repaired as gas leaks out w/o vacuum being applied. The bike itself only cost me $150 and I've spent much more on parts already ..
Hope to get it running soon so I'll feel better about my investment!