Under the right circumstances, a foreigner can own a bike in his name in India.
This foreigner did it, here's the donkey I owned.
However, truth be told, most people probably wouldn't go through the whole ordeal.
Here's how I got the bike in my name;
1. Business visa
2. Rental agreement in my name
3. Adhaar card(Indian ID)
4. Some luck, dealing with an honest Hero dealer in Rishikesh
Basically, you need to be a resident, with some paper trail of your residency in India. Getting it in your name on a tourist visa isn't likely to work.
However, with the right connections, and some bribes, everything is possible in India.
If you wanna give it a shot, you'll have to go there and hope for the best. Have at least an e-business visa(easy to get online) and figure out a way(maybe with your guesthouse) to have a rental contract. That should be a much better start than having just a tourist visa.