I have never owned a Moto Guzzi but the cylinder heads stand proud. I have had a few BMW’s with the Boxer engine where the cylinder heads stick out - so number one idea - get some engine crash bars.
Here are the things to look out for according to Bennetts (motorcycle insurance specialists):
Generally, all V7 models are pretty reliable, however they do have a few issues that you need to keep an eye out for. The spoke-wheeled models suffer from rusty spokes, so have a very good look at where they meet the rims for any signs of rust, and also check for a service history. The MkI has service intervals of 4500-miles where the MkII and MkIII have 6000-mile intervals (or yearly on both models) and valve clearances are checked at every service, which is often skipped. To be brutally honest the V7’s performance puts very little stress on the motor, but it is better to be safe than sorry. Crash damage is pretty common on the V7 as it is often bought by newer urban riders, so have a look for scrapes, and also be wary of any bike that has been significantly modified. The Guzzi fits into the new trend for customisation and as such subframes often get hacked and that’s a one-way street! It’s never a great idea to buy a bike that has been butchered as you can’t be 100% sure on the quality of the work. Finally, give the bike’s shaft drive a good check and look for any signs of oil weeps or knocking sounds that may indicate it needs new bearings or seals. Again, it’s not a huge job but it does cost a bit to get completed.