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It’s possible that the carburetor is adjusted a little too rich, have you examine your spark plug and know what it looks like if it’s too rich? Do you have a service manual for your machine? You can replace the carb and intake boot for cheap if you think you need too. It’s easier I think than rebuilding them sometimes. www.amazon.com/dp/B01BH27T3A/ref=cm_sw_r_cp_tai_5kYpDb4AAQ9SK

I put these on my XSR700. Bolt on over the bar end weights. Look good and work well.

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https://www.amazon.com/gp/product/B072BQJ63D/ref=ppx_yo_dt_b_asin_title_o05_s00?ie=UTF8&psc=1

A touring windshield for when it's cold out, frame sliders, tank grips for your knees, removable hard cases for storage. This awesome horn https://www.amazon.ca/dp/B000DINKPQ/ref=cm_sw_r_cp_apa_i_MiS.Ab6X7RFY3

Ok well nice job deleting as much as you can it's very necessary on these bikes. Do you have a manual? I ha e a copy of a minimal wiring diagram I used on mine I can forward to you so you can trace your own wiring. Have you tested the LEDs? Most of these old bikes can't read a signal that small and need a relay (ex:AUDEW 2-Pin Electronic Turn Signal Flasher Relay Fix Motorcycle Turn Signal Hyper Flash https://www.amazon.com/dp/B011BTMDQM/ref=cm_sw_r_cp_apa_KmirzbTJDKYAQ)
With a 6.5 gallon tank it would be sad to only take advantage of 70 miles at a time.... Lol
Get yourself a Voltmeter and test the resistance on the ignition pack, THE STATOR (in case you were unaware... Stator is:the stationary portion of an electric generator. It's under the right side cover. Replacements are not easy to find...trust me...) you're actually at an advantage with no wiring on these bikes. The 80s Japanese bikes were notorious for tons of wiring for no reason.)

I don't know how proficient you are mechanically and I don't want to suggest something crazy and out of you're league... But look at this https://youtu.be/nFAnxpPOlnU

Wish I had a picture of when it was finished but I can't seem to find one... Here was my 80' xs850 http://i.imgur.com/TPY4UMy.jpg

Not to be an asshole but do you know what you're doing? How long have you been riding? an R1 is a hell of a bike for a new rider and that machine does not look like it's mechanically sound.

You say you got it on a trade for a couple hundred dollars?

First thing I see is that your radiator exhaust hose looks shot. Stator cover is obviously removed already; given that your threads do appear done for it may be possible to use Helicoil to go up a diameter and re-thread.

As far as removing the actual stator motor you'll need a pulley puller installer kit. That will give you the correct nut and you can rent them from an auto store. See this video for reference: https://youtu.be/3A5-g6OnYRI

Once the new stator is installed and new threads bored - even if you fail on a few of the threads you should still get a sufficient enough threading from a few of the bolts for the cover to stay on.

That said you need to seriously go over the rest of that bike. There's no telling what the previous guy did.