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What type of 50cc engine? a 1hp moped engine or a 12hp 50cc race bike engine?
I would go with something like an E-tek motor as it is going to be more then enough power for you, is common and is designed for this type of project.
as for brakes, I would start with a base vehicle, that way you have a VIN, a title, wheels, a frame, brakes and you can buy brake parts based off that vehicle.
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