New Here. Could use some help.

So i'm planning on buy a 1982 xj550r this weekend. I've never owned a motorcycle before and I have only takin my brothers old r6 and his Ninja600 for a few joy rides. Before going out and spending big bucks on a new bike, I want to restore one. I figure thats the best way to learn especially since I have never worked on a bike before. I would ask my older brother but he is in Afghanistan unfortunately so i'm on my own on this one haha. So back to the xj550, im going to be spending 300 bucks for the bike, good or bad? Here's the link so you can check it out.
http://phoenix.craigslist.org/evl/mcy/3224670901.html
He says it does have a seat with it. After reviewing the ad, what are some concerns that anyone has? Any help would be greatly appreciated. I will be on this forum everyday until this bike is done. I may need a little more help along the way as well thank you.

 

mate not over there but looks the goods you have way better deals than us in the sunburnt country. if you like then you buy

 

I would ask to do a compression test on the motor to make sure the motor is solid. You will have a nice bike with a little time and labor and money of course. I would say you are looking at putting around another 800 in it to make it road worthy going through the brakes, carbs, tires, and things like that. Good luck and if you have questions just ask. Bigfitz is the 550 guru and I know he will lend a helping hand if asked for his knowledge.