There's no "we" here.
You'd have to be a fool to give him money for the boat unless he has a title with his name on it.
Otherwise your money goes down the toilet and you end up with a boat that you don't own.
That being said, if boats are titled like motor vehicles he might be able to get a title issued in his name if he posts a bond.
See 31-2.1-9 (2)
http://law.justia.com/codes/rhode-is.../31-3.1-9.html
This is your friend's problem. I suggest you back away from the deal and let him figure out how to get title in his name.

