Buying Used Bike with No Title

I found a 1981 Yamaha Seca 550cc on Craig's List for $500, but it has no title. I did some research and found out that acquiring a title is possible, but would take me through an arduous and costly process. I have been looking for the look and style of the bike I found, but I'm disheartened because of the no-title issue. Any advice on what I should do in this case, in addition to running a vehicle history via VIN? Has anybody run into this problem before? I'm on a tight budget and want this bike to practice on until (1) I get better at riding and (2) I have more money to upgrade.