in the beginning, a 43,000 mile 1981 XV920RH located in Waterbury, CT, USA.  Bike was parked in the back of a garage for 7-12 years depending on whose memory you trust.
Plan is to turn this into a reliable daily driver as cheaply as reasonably possible.
Good news is tank was previously sealed (not sure if Kreem or not. Does not appear bothered by alcohol in gas.
Starter supposed to be sorted. Motorcycle has aftermarket slip on mufflers. Jetting supposed to be good.  Progressive springs front and back. Saddle recovered, possible foam change. Probably should replace mirrors.

Survey says:
If I get anything wrong, or you have tips, please tell me!

Fork seals leaked, appeared to contaminate brake pads, calipers frozen, do not trust brake hose or master cylinder. Previous owner has low bar, tank interferes with steering lock
I have what may be old GS850 bar, or BMW.  Usually I like flatter bars, we will see.  OK, mounted, drilled out solid disk welded inside throttle side. (oem, may want to use bar end mirrors).
Visited an aftermarket motorcycle shop, a friend contributed to purchase of Bikemaster conventional battery. FWIW I was dithering between the Walmart Everstart conventional battery and the Bikemaster Platinum II AGM.

Carburetors removed for cleaning. Not bad.  A little gummed up, slides stuck.  Using Pine-Sol soak and rinse. look fair. May get away without replacing parts. Intake manifolds appear alright! as do diaphragms. Possibly floats and jets.
Do need to replace hoses. 1/8" 3MM Vacuum, 1/4" 6mm fuel line, 1/2" 12.7mm air hose. Clamps.
Fuel line purchased probably will not bend enough. Considering thick wall Italian green tint hose (may be flexible enough or clear line.
Purchase 2 vacuum  petcock rebuild kits, about $20 each. Want to be able to trust them. Ordered spark plugs, chose NGK Platimum spark plugs (recommended on a Virago website).
Read about Beru 1kohm spark plug caps.
Purchased 2 NGK XD05T 120 degree (102?) 5kohm spark plug caps. Reread article(s), apparently 1kohm resistor works best.
Ordered 2 NGK LB01E 90 degree 1kohm spark plug caps, will remove resistor and use in NGK  or Beru plug.
 apparently the Beru caps can corrode internal contact. Ignition is claimed to like both coil/wire/plug assemblies to be close
 in resistance, spec  6-13 kohm.

Anyone think I am overthinking this? yes, I  can be picky perfectionist when I think it matters. "lions and tigers and bears.."

In a fit of possibility (will the rear shock work?) spend $40 for 2 probably useless rear shocks and springs, usrd R6 Shock and ZX9R shock, both about 13.xx inches. Longest I have numbers on is around 2000 GSXR1000 (13.75")
  OTOH a member on the FZ1OA does kits for using R6 and BMW shocks on FZ1s. Oh possibilities. To follow..
Saw an article recommending BMW R1100GS or R1150GS rear shock as a good inexpensive choice. Cannot recall which or find article. XV920R/TR1 comes with a 15" 381mm eye to eye shock. 450 ib/in spring, 600 ib/in Progressive Suspension spring recommended.
Side note, RaceTech fork springs, .85/.90/.95 springs are currently recommended by some websites as better than PS..

Back to the present:
Purchased master cylinder rebuild kit ($22), front wheel bearing kit ($18) may want the seals, Caltric semimetalic brake pads (2 pr @ $14.10)[may not rescue old pads soaked with fork oil]  new grips.
Contemplating Caliper rebuild kits, pendin disassembly. Relocated take off and bargain bin braided Teflon hose collection.
Researching tires. Metzlers on bike, look alright.  But..   possibly Shinko 712 or more likely 230 tires. maybe something better. maybe.

Found fork boots on amazon that should fit, $4 each shipped.   like.
Found bar end mirrors $18 pr, too small I think
Found a tank bag (used) without straps $12. A friend has straps. Sent to wrong address>>>

Purchased a riding jacket from Oceanic Leathers in UK because of size chart.  Price good. Quality looks good Arrives too small.  And I ordered one size over.  AARRGGHHH.  I am now too large for old jacket.

Looking at saddle bags. Will need to move turn signals back, and clear exhaust pipes.

Current to do list:
assemble carbs and install
rebuild petcocks
replace fork seals, 10 wt fork oil (one site recommends Mercedes or BMW hydraulic fluid?)
rebuild master cylinder
free up calipers/ de-oil pads, choose new or old/ assemble/bleed (should I get easy bleeders, like these)
Change H4 bulb (like to start riding with new one)
Should I add volt meter gage
shop for mirrors, old ones loose mirror to stem, would like longer stem (used to buy CBX mirrors back when)

OH I have Emgo paper air filter, Wix oil filter with O-rings, Emgo without, useless stand spools. Shell Rotella 15-40 oil.

Centerstand is off, aftermarket pipes provided no stop for stand. I dislike not having centerstand.

Worries are future discoveries, saddle comfort, rear shock, possible fly screen or small windshield.

Hope we all do well

Have not managed to post pictures yet. Getting help that does not help..  soon?
Carbs cleaned (properly I hope) look good (after considerable effort)..
No Centerstand or stop for same on aftermarket slip on mufflers. Garage stand fabricated, in use
First warm weather!!, forks and brake assembly off, stem bearings ordered..
apparently when ridden with bad fork seals stem bearing are pounded..

Friend  is promised motorcycle lift as birthday present.. 5 days past and counting..

no questions till I get photo posted or attached

To this weekend:
new battery
Check over bike shows age but surprisingly good condition, mostly. swing arm bearings, wheel bearings, chain case seem good,
Carbs have been removed and cleaned,
tank and side covers cleaned and polished,
forks and handlebars removed,
forks cleaned, fork seals replaced (bikemaster), fresh oil,
stem bearings were bad, replaced with {all balls) tapered roller bearing kit, forks assembled,
handlebars changed to a bend I prefer,
levers and switches installed, new from Hong Kong 14mm Master Cylinder with lever and switch,
air filter change, found traditional mouse nest, oiled element filter saved for later, EMGO paper element installed.

This weekend:
Oil and filter change, both look good considering time since last changed,
Valves adjusted, spark plugs changed (Denso W22EP-U)
Carburetors installed,
vacuum lines replaced,
Too much time spent cleaning and polishing frame and engine cases, etc., patinas still present, just not under dirt, dust, grime,
my back hurts, buddy still has not decided if he wants a motorcycle lift, (yes please!),

to do's:
clutch and throttle cables do not seem great, replacements ordered (choke and speedo cables in future),
assemble headlight
brake calipers resisting efforts, grease gun may be required to remove pistons.. (ss pistons to put in)
petcocks still to do (rebuild kits)
grips and mirrors,
Purchased 2 stainless steel case screw sets, socket head, have begun replacing Phillips head screws.
keys made (there was only one)

purchases, despite intentions to wait until engine runs,
purchased cheap sintered brake pads $14.40 two pair (originals soaked in fork fluid) and speed bleeders,
purchased 2 pair EBC organic which showed up briefly on amazon for $13
purchased NOS rear brake shoes with springs EBC organic $24,
set of 4 Platinum NGK NOS spark plugs, not resistor,
purchased new grips, old seem useable though, bar end mirrors (too small).
fuel filters, too small,
LED bulbs for taillight/brake light,
Tank bag without straps (buddy has extras), bag too large, really.
purchased brake lines from 2005 star, $10.50 shipped, probably more trouble than worth, but useable, eventual braided Teflon,
shift shaft seal (thought might be hard to come by, transfers to R1 part number).
set of LED turn signals, may not use, might if bright enough
soft saddle bags and bag guards
centerstand,  I will need to fabricate stop, aftermarket exhaust does not have one.
red handlebar weights,  swing arm spouls, no place to mount
handlebar clock arrived broken,

hopefully next weekend will see engine run, that and calipers ,,
must resist part purchases until engine runs,  must  ..

looking at tire prices, USED xt600 shocks, seat cover (small slit present).  cable lock, cover,  
resisting stator and rectifier (spare parts), clutch plates and springs (spare parts), zx636/r1 coils, seat replacement,

Changing the brushes will definitiely help a lot, but most of the time, if the brushes aren't too worn down, cleaning the armature with white spirits (and all the other internals as well, while you're at it and regreasing the shaft's pivot in the cover makes one hell of a difference.

When somebody come's in and the bike's starter sounds a bit tired, I usually do this second thing after checking the battery. You'd be amazed...

Cheers,
Greg

Replacement starter arrived today.
Engine starts and runs!
Still have details to finish (wire 14mm master cylinder brake switch, check all switches for function while running. Voltage output.
Happy day.
Purchased Centerstand advertised  "81 82 83 XV920 Virago" from ebay. Naturally it is 81 82 XV750, 83 XV920 Virago centerstand and useless to me.
Paperwork now becomes urgent. Previous owner cannot find title he previous said he had.  He has(?) applied for replacement, I think. I am asking if he can go to Hartford, state capital, about 20 miles for him. Walk ins can get a title replaced for $30.
I hate insurance shopping.
Valuation for insurance and taxes.
Blue book says $750 trade in, $1300 sale price, a very nice one in Illinois sold for $2500 on ebay. Guy in Maine is advertising one on advriders.com for $3500 or will part out?  Looks worse than mine.
But it runs, mine runs, the  motor sounds good.
Seat has a tear, ordered pad to cover from amazon.

Seller was riding buddy for 30 years, replacement title will be applied for. He is unfortunately committed to long hours at least for a month or two longer. (long tale).

State of CT no title required over 25 years. I think. Shopping for motorcycle insurance (price and coverage), as soon as I have insurance card can begin Registration.
Only question is CT sale tax, location taxes later on. Anyway CT uses N.A.D.A. Eastern listing. which apparently depends in condition.
Do not know of this depends on as purchased or when registered.
May listing valuation Poor N/A,  Fair $600, Good $1,140, Very Good $2,300, Excellent  $4,130.  Sales tax is 6.35%. Hopefully Good or Fair will see me on the road..  tires are only necessity left.. appears to be running good, starting well..
possibly by next weekend..  maybe..

Yes! So much win!

Bike has been running poorly. Messing around with mixed results.
Two results today:
carbs slides felt a little different when lifted. Checked vacuum diaphragms. !Both! has slipped partly out of place so they did not seal. carefully redone and runs sweet.
electric glitch! bad words, bad word.. then lucky, main fuse feels "loose." zip tied. voila!
Runs like a real bike.

Title wise motorcycles in this state over 25 years old just need "Bill of Sale." However..
CT DMV went to a 19 digit/letter VIN in 82 or 83.  My 81 has 9 digit/letter engine/VIN numbers and a 19 Digit/letter sticker NOT in DMV records (unregistered too long?). Anyway only two "official" DMV  Inspection stations can enter VIN.
Done. Registered with VIN Certificate.

Let the fun begin.

Bought cheap saddle bags (soft) Viking brand from amazon. All good except one top zipper broke after a cramming in episode.

Using ATV seat pad which helps a little. saddle needs help.

Please really use a helicoil for the bottom bolt's thread as simply cutting an M8-thread will starve the heads from oil.