Two other ways of getting a title that are worth looking into as well (again, varying state by state) are bonded titles and abandoned vehicle titles. I've done both (in AZ) but would be surprised if they aren't options elsewhere. The first requires some paperwork, trying to locate the last known owner of the bike, and a bond (I paid $100, they can be cheaper or more expensive, and you can save money by going through your insurance company).
But I also learned that in AZ you can file for an abandoned title. I did this several times for bikes that didn't have titles. There's a form to fill out, and you list a reason why the bike was abandoned for at least 30 days (I always wrote that a former roommate moved out and left it behind and said I could have it). The bike needs to be physically inspected at a DMV, there's a $10 fee, then you get a free and clear and transferrable title.
Again, I realize that rules vary state to state, and some DMVs are easier to deal with than others, but it's worth looking into. And off course if the bike shows up hot for either, it's gonna get seized. Get that title before spending any money on it.