I bring up the no title issue because I'm currently involved in a mess of one. Nebraska laws are quite simple, if it involves fun or could be an easy process, then its just not allowed here. Nearly everything is titled, registered, and taxed till you cry. I bought a pontoon from a good friend in October 2015, his brother bought it new, put it on a private lake in Kansas(No title for boats state), then used it every season till his passing in 2011. Apparently no paperwork, the MSO(manufacturers statement of origin) can not be found and it was never titled. So boat just sits with no end in site, a title search in either state is required, but I know what the results will be. Likely end up titling as a homemade boat.
So if you find yourself living in a state that will allow you to transfer ownership and register the boat then I am obviously envious of you. Not certain if our laws have proven to reduce any crime/theft of boats. $200 does sound like a steal, but as everyone who has owned boats knows, there is no more expensive boat than a free one. Good luck in your pursuits, hope to see you out on the water.