I would go through the NC License and Theft division of DMV and go through the used car dealer appraisal and bond process. The people at the DMV will work with you to get you a legitimate title. It's not complicated if you do it right and exercise a bit of patience..
This is the legal way to go about it and you don't have any lingering worries. Short cuts are problematic and one may end up with a big mess.
Good luck with it whatever you do.
Best,
Charlie
BTW: NC has a process that limits the tax on old cars. It will have to be insured, licened as a "Horseless Carriage" or "Antique"j license plate, shown often and not used for everyday driving, etc. It limits the tax value to $500.and the annual license and taxes run about seventy bucks. Your local property tax office will give you a form to apply for this benefit.
BTW2: Take each of the places you go to in order to complete this process and they will appreciate it. Tell them you need their help. Doughnuts from Crispy Cream seems to work well. Above all be nice and don't lose you cool. Again be patient. Realize that NC has a relatively through and demanding license process.
BTW3: Don't start at the License Division of the DMV. Instead first take the car to the local License and Theft Division.