Thing is, whatever you do, you only have to run into one slightly clued up CHP and your screwed anyway! If he knows what's what, he'll know any NSR is questionable, and if you piss him off will impound it, but that's the risk you'll have to take.
If your friend registered it out of state, would you even need to "buy it back" to ride it? Can you not get insurance to ride "someone else's" bike? "Sell" it to him, get him to register it out of state, then just bring it back and ride it. Surely it's not like you're going to get pulled every time you go out, is it? Not unless you're riding like a complete idiot in the middle of the city where you ought to know better anyway! If you get pulled, you're simply riding a mates bike who's loaned it to you for a few weeks while he's away or something! Wouldn't that work? Just need him to sign something you can always keep as a legal document of ownership should your friendship go sour one day!
At the end of the day, unless it's an absolutely concours bog stock bike, it's just a couple grands worth of NSR. If it's impounded and crushed it's not like you've lost a $20k MV F4 is it?! If it's that precious to you however, maybe consider a track-only option? No-one can ever take it away from you then!
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Andy.
NSR-WORLD.COM
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