So, I picked it up knowing all this and figured it was no big deal ($3700). It reportedly only had 2400 miles on the clock. What I didn't know was anything about the infamous "Red Key" business as I only received one black key with the bike.
What did I do? Well, I leveraged great deal of info from this forum and took it one step at a time. Thanks for all the good info people - you rock!
Installed custom seat with Italian flag (Corbin $440)
Opened the air box via cutting away most of the lid and added high-flow filter (K&N $65)
Installed LeoVince SBK EVO II exhaust (removed db killers) (LeoVince USA $649)
Re-flashed ECU to DP air/fuel mix & new key set (1 Red 2 Black) (Houston Superbikes $450)
Tail chop - (Competition Werkes $120)
Total invested: $5424
I actually like the fact the the tank paint job removed Ducati decals from the sides, as I think it has a better look now with minimal advertising.
Special thanks go out to Bobby at Houston Superbikes (previously Desmo Porsche) http://www.desmoporsche.com/ for talking me through the whole "Red Key" story and re-flashing the ECU to DP specs.
This bike rocks!