Well friends, good news. I'm writing this for the second time as my computer decided it apparently didn't like my first comments because it erased them.
I checked the petcock, all was well with it, worked just like it should. After a good Google search I discovered that sometimes the float sticks on these. I took the air breather assembly off and could clearly see gas flow exiting from the bottom forward area of the carb. From there I took some decent carb cleaner and gave it a few good squirts. From there I worked the throttle a little, took a piece of wood and small rubber mallet and tapped gently but firmly all around the showing carb, of course not hitting the actual opening. Then I sprayed again, working the throttle again to move anything around that might be in the way. Afterwards, I cleaned up the carb with a clean rag, cleaned my forward cylinder housing off and dried it. I spent about 5 minutes bolting down the back of the tank (was easier to remove the air cleaner assy this way), bolted down the seat and really was just goofing off a little. I came back to it, completely dry. I read quite a few forums where this worked with great success, and it worked for me.
My back brake is still sticking. I removed the arm from the rod/cable assy and it moves freely when not attached. My question is there any way to lube those? I have seen a tool online that you attach to the cable and it mystically lubes the inside between the rubber and cable. Does anyone have experience with this? Or do I resign myself to buying a new assy?
On a different note. On the air box, back side there is a plastic clip attached at the 5 o'clock position slightly under and forward of the back bend of the exhaust. It holds some kind of cable that I really couldn't tell where goes. Anyhow, I kinda sorta broke it. I feel it was dried out kind of like on an 80's car wiring harness where you bend the clip to remove the connector and it just breaks. My question is of course how bad is this? I will be looking for a new box so it doesn't mess anything up, but is it ok for now? Remember I just bought this bike recently so I don't have a service manual just yet for it. Bare with me.
I really appreciate all your help guys. I tried to honor the forum by posting my results as best as I could. Thank you.