Thanks again all for the continued advice and suggestion, as well as the genuine concern for my safety.
I won't go into too much detail as it would fill a book, but in short....
I bought it!
Needless to say, I couldn't have purchased a used bike from a more knowledgeable, courteous, enthusiastic, and genuinely nice person. Retired military colonel whose motorcycle collection (a Harley big boy, Suzuki GSXR1100, a dirt bike, and an old army motorcycle) was immaculate; garage immaculate (all bikes covered, floor clean, all tools neatly placed; house immaculate inside and out (he just finished remodeling it himself and it was very apparent attention to detail was there). Everything was obviously well respected and cared for. I knew within minutes that the BMW was in good hands.
He spent an hour reviewing the R11S's workings with me, never blinked an eye when I asked him to drive it up and down the street in front of his home for me over and over, and he gave me ample time to look it over. I sat on it over and over again and it fit me perfectly. He held it up for me so I could take both feet off the ground and give it some revs to feel engine movement. In no way did it feel too heavy or difficult to manage. Just right for my size and I could easily manuever it around the garage. My legs fit along the gas tank/side plastic perfectly. Very comfortable positioning for me.
He took off the belly pan and left side plastic to show me the engine from all angles and allowed me and my friend to give it a full look over. He showed me how to change to oil, change the brake fluid, and even how to change the brake pads!
The bike itself....perfect mechanically and cosmetically! Not a scratch, ding, or scuff. Beautiful machine! The engine fired up instantly and purred like a kitten. This bike is quiet! Even when he ramped it up in front of his house, it was surprisingly quiet!
So, after about an hour of looking it over and some genuinely nice and pleasant conversation about many things, including the bike's history, he asked me if I liked it and what I was wanting to pay for it. His price was $6400 initially. He looked at me and said "Sean, its your for $6100." Without skipping a beat, he even threw in a pair of leather saddle bags (which I actually didn't take as I didn't think they would look right on the bike.)
Out of respect for this very nice man, and for this great bike, I didn't even barter. I agreed that it was well worth the $6100!
I gave him a deposit. He moved it back to its spot in his collection and place the sheet back over it. There it would stay until I was able to come pick it up.
He and his wife asked us to stay for lunch, but we had to get back home. It was a great experience.
I will go back to pick it up Tuesday evening. I'll be hauling it home in my truck.
I can't wait to practice with it a bit in the local high school parking lot just a block up the road from me. I won't be riding it on the open road at all until after my 3 day riding class next month, but maybe a bit on my private neighborhood's roads. I know them well.
I know alot of you are shaking your heads at this, but this was just too good an oppurtunity to pass up.
I left his house truly believing in my heart that this was the right person to buy this BMW from and that this was 'the' bike for me. I know I would have regretted it for a long time had I left that beautiful bike sitting in his garage and 'settling' for anything else.
Anyway, I guess I ranted on too long afterall
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Thanks again for all the advice and suggestions everyone! Please understand that I will take all of what has been stated to heart and will hopefully be a better rider because of it.
Best regards.
Sean