I don't know about IN, but in CA titling a bike like that is an utter freaking nightmare. Had to do it on two and it took months and a lot of playing for mine.
A lot people try the Vermont registration for mopeds (though I think I saw a thread lately about people having problems with it).
https://www.mopedarmy.com/wiki/Vermont_registration. Personally I don't take the chance.
Unfortunately, a lot of states basically see them as motorcycles and you'll have to make sure they're titled, registered and insured. Again, I don't know about IN. Check your DMV site. I doubt bill of sale will do it. It sure won't here.
The title's worth a lot depending on what you're going to have to do to get one.