I'd say it is way too good to be true and ticks none of the boxes that need to be ticked.
You can't cross borders unless either all the paperwork is in your name or you have authorisation that explains the difference. Having a title all filled out and dated may in fact give customes proof that the vehicle was sold illegally.
Columbian Aduana will be out for their pound of flesh anyway and someone will end up paying the fine.
Even if you get a PODER, it is claimed by some that peru often/sometimes/once refuses to accept it.
You will never be the legal owner of the bike and so any insurance you might be able to get will likely be declared void if you have an accident.
However, it is possible for a foreigner to buy a vehicle from another foreigner and get away with it, and in a couple of countries it may be even easy, but that expired TIP is going to be the first hurdle.
BTW The police checks along the highway concentrate very heavily on checking motorbikers' paperwork, although I imagine foreigners might get waves through most of the time just as we did in a truck.
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