You've got to pause and figure out what your goals are. If you want an interesting project you can undertake with your Dad, this bike might be a good candidate. If you want something decent you can immediately ride and enjoy, budget about 6-8K to get a nice runner. A lot of the folks that will weigh in on this forum are committed to these bikes and many have a lifetime of experience and knowledge, so don't be lulled into believing that your mechanical resto will be a cake walk. If you are not in the above average range re. your mechanical abilities, patience, and tool collection, you're talking at least 5K for someone else to thoroughly go through the mechanicals. Search the word "slinger" on this and other forums to get an idea of what I'm talking about. Pre 1969 BMW motorcycles are all in the realm of collectible, and they make great working classics, but they are not cheap to buy in nice shape and to restore. There is a good chance that you'll have to ship out certain components for rebuilding, as most BMW shops do not work on the old units. It can be a time consuming process. /2 bikes are not as capable on the road as the newer /5 series, so make sure that your Dad is able to live with modest R50/2 performance. Good luck with your project and take some time to familiarize yourself with these bikes and their peculiarities. Surf the forum, visit eBay, and check out the Bench Mark Works website to get started. Good luck!

Man, this is gonna be the best b-day present EVER!

If that shop "goes sideways" on you you can go to Irv Seaver BMW in Orange (about a 30 mile drive), ask for Evan. A thorough going-through will make the bike start easier, run better and someone who knows can see that the maintenance is being done properly (there are a couple of things that need to be watched in the drivetrain, left unmaintained they can get expensive FAST) but properly cared for the bike should be pretty much worry-free.

It sounds like the bike gets reguar use and I think that is a good-thing!

When it comes to $ I am NOT a good reference-point. I will pass on what I can:
Those barend turn signals are desirable! and the Albert mirrors will take a while for him to get adjusted to where he can see, I carried a wrench around for a few weeks before I got it "right". The "rivet counters" will be along shortly to tell you all about the bike.

As far as shutting it down I close the petcocks on the /5 a few blocks from home and when the bike is idled-down in the driveway I just pull the "key", I am FAR too paranoid to leave the "key" halfway in like in the pictures though.

Check with the DMV office but I think CA has a "Year of Manufacture law" where you can find and run an "age correct" license plate (all my old bikes wear period-plates, I think it's the "ultimate accessory"). Ebay is a good source for plates.

Email Andreas Harz and he will tell you about getting a dating-certificate, BMW has manufacture and delivery records from the beginning so they can tell you the bikes "birthday" (for $90.00 you get a fancy Diploma-looking-thing).

I don't see anything obviously "wrong" with the bike (but I am a better "rivet counter" on British bikes).

Vince

Congratulations! The bike looks very nice in the photographs. The aluminum rims look great. Did you get an owners manual with the bike? If so, be sure to go through it, as it's pretty comprehensive. Also, be sure to order yourself a copy of the Barrington manual. There is a big introductory section about how to check out your new purchase. You can't go wrong having your local expert check it out, but you'll also have a lot of fun learning about your new bike yourself one step at a time. You and your dad can learn how to do a lot of the maintenance and tuning on your own. Regarding your question re. value, don't worry about it, just focus on enjoying the bike! These bikes don't have a kill switch. There is a primitive key on top of the headlight bucket. You push it all the way in, look for the little red and green lights to light up, and then kick the bike over to start it. Of course, these bikes tend to have their own little starting rituals, so you might want to ask the seller specifically about the routine he uses for the one kick start. To stop the bike, you simply push the key down and the engine will stop. Many folks will turn off the gas petcock and let the bike run a bit before turning off the ignition. This helps prevent the carbs from dripping on some bikes.