Tentative '82 XS Purchase

Hey guys!
I'm looking at possibly scooping up an '82 Yamaha XS 650. The current owner has no title, but he seems like a pretty straight dude. Being an '82 would I be able to register it with just a bill of sale? (I'm in Florida)
Also, it doesn't start but he says it has good compression and it turns over, so it isn't seized or anything.
I don't need to ride this thing right away, I'll be working on it for a while, I'm sure. I'd like to make this as bare bones as possible. As a novice, do you gurus think this would be a decent bike to start as a first time project? I'm mechanically inclined and I have the web and the collective knowledge of a couple forums I frequent. Any opinions would be a GREAT help!
Thanks ahead guys! If any of y'all are from Miami, FL and wouldn't mind kicking it and having some beers and taking a look at this bike that would also obviously be greatly appreciated.
Are the write-ups here awesome? I have yet to peak around.

no title Really lowers the price because that makes it a parts bike in my book.
People do go though the hassle of getting a title after the sale? that may or may not be a pain, better do some home work to figure if its worth it. Call your Department of Motor Vehicles for strait up info first.

Thanks, blue! I'll call them tomorrow morning. Guy's asking $475 for the bike.

I agree with blue, no title, just pile of parts.
Tell him to get the title and you will pay him $550. If not $250. That way he gets to go through the hassle, or you get it even cheaper.
Leo