Personally I won't even touch a car without a title. There's too much BS associated with it and you're basically buying someone else's problem. A lot of scrap yards won't take cars without titles either.
Here's something else to think about too. I sold a '79 Malibu to a guy when I was 18 and he never bothered to have the car put in his name. I eventually got a letter in the mail about the car being in an impound yard. I went to check it out and discovered that the owner got arrested on drug charges. The car had been painted and gotten new wheels. With the letter I got into the yard, then we had almost finished swapping wheels to my Monte SS until a State Trooper stopped by and made us switch them back because he knew the deal with the car.
Even though my GP won't see the road anytime soon, the first thing I did was have the title transferred to avoid anything stupid from happening.