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make sure crank is on the compression stroke while timing.
and sprays a mist of fuel out of the carbs.
Sounds like cam is out of time...did you have the timing gears off?
Somewhere in my foggy memory I remember someone on the old Loop list having a similar problem. Turned out they were looking that the left cylinder from the front wheel not left cylinder as sitting on the bike. Often times the hardest problems have the simplest solutions. hope yours is.-AJ
The carbs could be flooding as well... My friend who sold me the bike never uses the choke, and his Eldo starts right up, I've seen it in person. I'm running 29mm VHB carbs, I think the originals were SS1s. What would be causing the flooding? I haven't been able to find any really good explanation online of how to set the mixture screws for the initial startup of a rebuilt Guzzi engine, I set them three full turns out from the bottom on the advice of a BMW-owning pal. Maybe this is a factor... Of course, there is also still the possibility of the timing being off somehow. I'm going to spend a chunk of Independence Day thinking and wrenching, I'll let you all know how it goes.