My experience is that the results are situational to the tenant circumstances more than anything else. 12 month leases are by far the most common in NC.

Due to a change of circumstance between closing and evicting a holdover I am currently living in a unit that was purchased as a rental. 

Grant Cardone has some good reasons for this, but his rationale isn’t right for every person’s particular circumstance.

In either circumstance you are liable for the debt (I understand the protection LLCs give).

I have had a couple of lenders says they would loan up to 20 years in specific circumstances but most will not say what those circumstances are.  

Unless there are certain circumstances that make it too hard to sell for you (i.e. you might have to move back in a year or two) but go into it knowing that you'll be losing money.

So you have to weigh that.You paid your uncle 10k, which allowed you to to earn 21k.So, depending on your deal, even 15% on 75k may be acceptable to you based on the circumstances.

@Matt HamanHi Matt, depends on the circumstances. 

I’ve been a real estate agent and investor for over a decade and have only had this come up on a handful of occasions and prior till today no one has detailed out the rules to me  personally.These rules concern a fairly narrow set of circumstances that many investors will not encounter until it’s causing a problem, so no I don’t consider it common knowledge outside of lending circles.Not being able to sell a home for a profit for 90 days is from my perspective a fairly arbitrary guideline.  

Again, regardless of whether the law states it or not, I give my tenants a 5 day grace period, and they are given a 3 day notice to Pay or Quit, so regardless of circumstances, if rent is not paid by the 8th day after it is due, they are taken to court.