Yeah, I would go pick it up right now just for the hell of it for $500. The no title is too sketchy for me.. Legally I'm pretty sure a buyer would need a bill of sale. If its been sitting on the shop he supposedly just bought, he should learn that you apply for a lien title to take possession of it after 30 days. Its a few hundred bucks and then sell it for a few thousand easy... Not sure what his business motto is going to be, but I don't think he is going to do well if that story is true. I would put a lien on it. After you take possession, you fix it and sell it if somehow he knows it was running...