Since this is your first, I would be concerned about the engine/trans having been torn down and just getting a set of cases and a box of parts. How were all the internals stored? Bagged, labeled, rust proofed or just tossed in a dusty box? Also since you didn't tear it down it does become a puzzle to put back together, plus all new rings, bearings, seals, and gaskets. Without a title, unless I could get it for a lot less than the asking price of 500$ I would be looking for a complete bike. Even if I had to do a teardown of the engine myself, it would be me doing the teardown, documenting, photographing each step, labeling parts in ziplocs, and assessing any damage and wear as I went. This is all very helpfull when you start putting it back together. What you described is truely a basket case, and they don't bring that kind of money.