Chip, Kevin...You guys are so smart!
Thank you for the advise!!!
After taking the carb off and apart to check your suggestions It became apparent the idle screw was screwed too far in causing the idle to be high.
Here's a picture of how having the idle screw turned so far in made the slide open up which caused it to race like it did.
Here's a shot after turning the screw outwards to reduce the idle
And here's an retry from that failed start up
I'm itching to ride it now but still need to double check all the nuts and torques and lube all the fittings.
No leaks, so that's a good sign. Not sure how the shifting will perform. I also have never ridden or owned a street bike, so this is all new to me and taking my time.