At todays exchange rate I paid $1200
At that price you got a beautiful classic BMW. Those are known to easily go WELL over 200,000 miles with no engine work. Two members in my BMW club exceeded 225,000 on their K-bikes.
The smoking, after the bike is parked on the sidestand, is a very common characteristic of the K-bikes. But it is not necessarily caused by crankcase oil seeping by worn rings, because the oil sump level is actually below the pistons. More often it is caused by oil mist that had condensed in the air box (the crankcase breather is routed into the airbox). When the bike is parked on the sidestand that oil can dribble down into whichever throttle body is the lowest, and at startup the smoke is caused by that very minimal oil being burned in the combustion chamber.
To put your mind at ease, have a compression test done. If it comes back in spec, then you only have the typical K-bike Startup smoke and nothing to worry about it. Ride it, enjoy it!
When life throws you a curve,.....lean into it!
42+ year rider, 22+ year MSF Coach, Street, Dirt, Ice, ride em all!