I'll play the advocate for this bike, but I also agree with Chilib and Dennis. An '85 bike no matter the make/model will have issues, some easy to overcome, some not.
The '85 LTD is a great bike but you must be able to work on it yourself, and willing to investigate replacement parts. Take the Computerized Fuel Injection (CFI) out of the equation, and you have a standard '85 Goldwing with associated issues. No problem buying considering this.
The fuel injection system is not so simple, but manageable. Dennis has mentioned in other posts that he would not move one of these out of the garage without having the manuals on hand. This is a requirement, too easy to chase your tail so to speak without the manuals. You would need the OEM Service Manual, Electrical Troubleshooting Manual and the Supplement. Without these, very hard to troubleshoot and maintain.
The ECU is the only component of the CFI that I am mildly concerned with as there are no alternatives out there to replace this, but considering how robust Honda made this system, These last a long time.
The throttle position sensor (TPS) can be replaced with an aftermarket, early model Honda Civic/Prelude TPS. The Ns (crank) sensor can be replaced with an '85 or so Aspencade PG sensor - bolts right in. The injectors are very robust, a clean and flow test, install and go, but there are aftermarket injectors for the early model Civic/Prelude that work just fine. The PB sensors (MAP) can be replaced with a late model Suzuki MAP sensor that is 99% direct match, have had these installed in my '85 for 3 years and work a treat. The Gr/Gl sensors can be replaced with a sensor from the Dodge family sensors. The fellows on the CX500/650 Turbo forum have found a replacement sensor. Spark igniter(s) are one item I have yet to find a suitable replacement for, but still looking. Aftermarket fuel pumps are available as well - lots of older FI cars in the wreckers where you can find a suitable replacement.
Having mentioned all this, I would not shy away from one of these bikes. Parts for non-FI models of this vintage are getting hard to find as well.
Other considerations such as how you intend to ride, daily commute, weekender, touring bike (like my '85 for this), and such.
Lots to consider, but it depends on what you intend to use the bike for. I have a 1500 for touring and towing a trailer with the Mrs - she also doesn't mind the 1200 for touring, have done several extended trips with her on the '85. I also have a 1000 V-Strom for around town and such - some 250 to 350 pounds lighter than the 1200 and 1500.
Good luck on your search.