I think and don't quote me. A rebuilt title is a bike that has been wrecked and the insurance company has paid off the owner... places like Motoconnection rebuild the bike and it gets inspected by the local DMV and they re-issue the title.. That becomes a rebuilt title.
My brother is in Georgia until the weekend, I just left a voice message for another person that has information on the bike (and has the bike at his house), I asked him to call me, PM me or you. If I don't hear from him by tonight I'll call him in the morning.
I believe registering a bike with a rebuilt title is the same process as registering a bike with a non-rebuilt title. It doesn't cost any extra or any less. The title looks the same except for one of the spaces on the title, it says that the title is a rebuilt.
Also, bikes with rebuilt title may not necessarily mean the bike was in a bad wreck or anything. Snowman has done a bit more research into the whole rebuilt title thing. I think he also said that a rebuilt title could also have been a bike that was stolen and then found, but the insurance company had already paid out on the claim. So they just send the bike to auction. At that point the bike must be sold with a rebuilt title.
If you want to see the F3, let me know. As xPrincessx mention, I'm the friend who has the bike in his garage. You can email me at [email protected].