Engines that are only started for short amount of time will definitely build condensation and expell is as white vapor resembling smoke. It isn't good for any high compression air and water cooled machine to be started for only short periods of time and not allowed to warm up thoroughly. Not only because of condensate issues inside the engine but also for leaking gasket issues later on down the road too. (Because different metals, gasket materials, and parts within different areas of the engine will expand and contract at different rates.)
As far as the key goes, as long as it works in the ignition, and gas cap works, with the one I would ride but be gentle with it. So long as you have that EBR key card you can get one made in the near future too.