I'll cut right to the chase. I bought another neglected old bike today. The only difference is this one has a title. Unfortunately, to call it a wreck would be kind. I found the bike on Craigslist, a 1981 Yamaha 400, for a mere $100 but when I went to pick it up it was worse than I could have imagined. The owner warned me it hadn't run in seven years but he didn't mention that it had been outside for those seven years. The rear wheel wouldn't turn since the brakes were rusted, the tires were bald and flat and even the clutch lever was broken. I'll do my best but this might just be the first bike I part out since it might be too badly damaged to ever run again. I'd love to show it to the DMV and say, "Sure it has a title but it's junk, yet I could register it now. How come I can't get running bikes registered? Because they don't have a piece of paper with Title on it from you?"
It should be an interesting project just getting it rolling. Whether it's viable will be another story.