I possibly have the same problem. I have narrowed it down to a fuel (lack of) problem. If you remove the seat and take off the vacum tube leading to the fuel tank cut off valve ( on the bottom of the fuel tank) you will be able to squirt a little fuel directly into the intake manifold,replace the tube and hopefully it will start instantly.no dought it will then stop repeat the process several times.
I suspect there is an electric soleniod system to deliver fuel on startup, I have dismantled the carb and am fairly sure the problem is with the electric needle system on the rear of the carb.
Hope it helps
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