You biggest initial issue will be the lack of the original owner's signature on the application for a Texas title. There are two ways around this. The legal way is to get a bonded title. That means you pay a bonding company for insurance against the possibility that the vehicle was stolen. I've done it and it is not difficult. I got a bond from my home insurance company. What this means is that after title is transferred, if the owner of record (name on title) shows up and can prove the car was stolen, the bonding company pays the original owner the fair market value of the car, as determined by TxDOT. You then pay that money back to the bonding company and you get to keep the car with a clean title. If, after three years, no one comes forward, the cloud is removed from the title and the car is yours.
I just finished, this month, the three years on my VT1100, which had a bonded title. The bond cost me $100, based on the value of the bike.
With the bond you will receive a clean, blue Texas title and can sell or trade in the car if you want, just like any other vehicle. You will remain on the hook if the original owner shows up, no matter where the car ends up.
I recommend against the second potential route, which is not legal and which I will not detail.
If you need any more info, call me.
Patrick