Check all the welds for cracks ( If carbon, check the whole frame! ).
Check forks for scratches on teh stanchoin ( Shiny part that compresses into the lowers) Scratched on the stanchoin can ruin seals on forks. This will cuase them to wear more, and require moe servicing
Check for cracks on the lowers
Ask when the last service was on the forks and shock. If the seller can supply a reciept thats a bonus!
Check that the derailluers are straight, and alligned ( the parts that chage gears )
Check derailluer for cracks
Check to see if the cranks feel smooth to pedal
Check that the headset is in good working order ( new headsets can be quiet dear to be installed )
Check for cracks in the rims, snapped spokes, bent rims. If they are slightly bent its ok, they can be trued quiet cheap.
Check that the hubs roll smoth. If the hubs are in crap condition or are broken, A LOT of money it will cost to get one replaces. Ontop of the cost of the hub you have to pay for labour. Which includes taking of spokes, buying new spokes, puting 32/36 new spokes on, tubes, tyres back on. All up youd be looking at about ~ $100 per wheel + Hub cost
Check the brake pads. If hydrualic check the lines for holes/fluid leakage.
Check rotor/rim for scorching A scorched rotor/ rim will chew through brake pads, and make your brakes absolutly terrible!
Thats the majors i think. The last would be TEST RIDE! Make sure you pay particular attention to the whole bike, don't be excited until you have handed money over, otherwise you will get overwhelmed and not pay enough attention !
Best of luck mate.
Kurt