I tried to get a title on a motorcycle with a bill of sale, was a horrid pain in the ass. Had to do title search by VIN, send a registered letter to owner on file with bmv, wait a bunch of time, then apply for a court date for a judge to issue a title... which at the time was years out. This was back in 2005? hope things have gotten easier since then.
tl;dr not even close to almost worth it in my experience