Sketchy

Hi, I bought a 1987 Rx7 FC3S all stock about a month or two ago, and it's got some worn out parts that need replacing.

I found a post on craigslist, for basically an exact duplicate of the car, that has most of those parts replaced.

Estimate purchasing the parts separately would easily be about 2.5k
This guy wants $500 for it. He's literally like a 5 minute drive from my house, and I've already looked at the car.

The good: It was running and passed smog a week ago, (proven by receipt)
Many of the parts I want to replace on mine, are already replaced on his.
Interior is in much better condition, and I'll probably just swap it.

The bad: It's not running now, due to faulty fuel injectors. It floods every time he tries to start the car.
It was an east coast car, so there's a bit of rust underneath.

The odd: He doesn't actually have the latest title. He's the second owner, the previous owner (an old lady on the east coast) gave him an old title, DMV said it would take 6-8 weeks to process a duplicate title for him. He doesn't have time or money to do that atm, as he's rebuilding his datsun, and just wants to get rid of the '7.

Up until last week, he had all the work done at the same place I take mine to, R3 (rotaryracing.com) in Santa Ana, CA.
It looks like a really good buy for me, as I can simply swap all the worn parts, with his newer ones, as well as interior, and some body parts. I'd just need a few other parts, like spark plugs, and wires and I'd have it running almost like-new.

And then I'd have a second rx7 to rebuild as a secondary project car.

Anyways, what I'm trying to ask, is that would it be a good idea, or even legal for me to purchase the car from him, Bill of Sale only? And how would I be able to get a title, when even he doesn't have the latest valid title of the car?

Thanks,
Any help would be greatly appreciated.