If it started life as an LS, it shouldn't be an '81. Â Production was from 82-85. Â Given that you've got dual ATE calipers, I'm willing to bet it's an 82 if an LS.
The black bars and black headers are LS correct, as are the wheels, although they have been repainted. Â Red LS's came with white wheels and silver LS's came with silver wheels.
Looks like your front fender has been replaced or modified, given the mounting points.
When going through Monte's list, keep these things in mind:
1)Be
extremely gentle with the fork tube drain plugs and the final drive inspection (fill level) plug. Â They all strip easily. Â They don't need much torque, just enough to keep from leaking.
2) Know about the $2000 o-ring. Â This is part of your oil filter change, and if you don't squish that o-ring enough then you engine will pump oil from the sump... back into the sump. It's a $3000 o-ring if it wrecks the crankshaft. Â The man, the myth, the legend, Snowbum (
www.bmwmotorcycletech.info) has an article on this, as well as many, many more airhead technical articles. Don't be worried, just careful.
3) When checking the valves, look through the spark plug hole at the edge of the valves. Â They should have some meat around the edges. Â Worn to a sharp edge means they will need replacement.
4) I'd add that you should clean and apply fresh thermal compound (the stuff you put on computer CPU heat sinks) between the ICU and its heat sink. Â It is located along the backbone of the frame under the tank.
Also, you should know that the LS rear brakes are LS only. Â Don't get shoes for a regular R65 when the need arises.
If you ever turn the key to the on position and the "Gen" light doesn't come on, your battery
will not chargeLastly, if you don't know the last time the clutch splines were lubed, you should plan to do that soon. Â This is a 3 year/15k mile maintenance procedure, but an important one. Â Takes a bit of time, but it's not that difficult.
Congrats on the purchase. Â This is a great bike to help acquaint you with wrenchin'
P.S. Nothing odd about warning stickers under the seat. Â I've got a "Protect your investment, use genuine BMW parts" sticker, as well as a paint code sticker and some other warnings/specs.