Alright, I get the impression that I should make the effort to get the bike. Thing is, I really would like my friend to come out ahead as well. He has to make payments on the apt building and he is not a pawn shop.
So realisticaly, and I know I have no pictures to show of this bike, what should be a good ,fair price to give my friend?

Also, the reason why i would be hesitant to own this thing is that I really like old steel bikes. Bikes that you can run toe clips and put mirrors on. I actualy like suicide levers(if your wheels are true and they are set up right on the bar, with the right bar they are alright).

If I got this bike I would feel compelled to invest in some good clipless, better than the SPDs that I already run on some of my bikes.
I would feel funny on it untill I upgraded my riding wardrobe to a bunch of primal wear with bibs and matching socks. My standard bowling shirt and cargo shorts over wool tights just would not do.

Also, the idea of owning a bike that would never see rain or snow at all seems useless.

And would I need some sort of " I am riding Ti" secret handshake knowledge, or pinky ring or something?