Would you sell to someone with no feedback?

 A new member has offered to buy equipment from me using PayPal. He/she has no feedback. What precautions should I take before accepting the offer and posting the item???

everybody should start from somewhere and given a chance to purchase.
What I have noticed though being a dealer, is that the no-feedback buyers do back out from the purchase often
There are "buyer protection" policies vs "seller protection" policies. Any seller who does not become an expert in the details of PayPal seller protection policies is rolling the dice with every sale. One misstep such as not getting delivery confirmation on your shipment will make you vulnerable to the many scam buyers who prey on uninformed sellers by using the power of the well intended but flawed "buyer protection" rules to their advantage.
I agree with mb1audio02.
But, if you do sell and get paid via Paypal, only sell if buyer has a verified address. As mb stated, Paypal is more likely on the buyers side and scammers know this. 
 I also look at posts, discussions, feedback, etc that other buyers/sellers have. It helps to know about the persons interests, etc.
 I've had very few problems and lots of positive transactions.
2 positives-
I posted a question about cables. A member (Albert) chimed in and offered to send me a pair to audition. He merely trusted me to return the cables. He did't know me at all.
 About 10 years ago, I made an offer for some very expensive speakers (10k range). My offer was declined. As the ad ended, the guy contacted me to say he'd consider my offer, but I was reluctant because he had no feedback and could not sell the item. He offered to ship the speakers to me. If I wanted to keep them, send him payment. If I didn't want to keep them, return the speakers. I eventually sent him the $.
 Sometimes we get lucky and things work out.