I personally know the person that owns the property and am close friends with him.

@Jesse Streng  It’s definitely important to have a dependable person here in the city.

The best way to learn about how to really invest in real estate is to read books, listen to good podcasts, and pair that with going to in-person meetups so you can see people just like you, married with 3 kids, who are making it work for them.

And who better than to recruit a person who is already experienced at such, which there is a lot. 

The loan does need to be secured by the property being improved if we are talking about a personal residence and personal itemized deductions on Schedule A.

When all the dust settles, and the  person searching is tired and discouraged and gives up, Jerry may not have bought  a single lot, but he's made some money from the training he sold you, which was his main goal from the beginning!

Go in person to the planning department and talk to them.

From personal experience, this can motivate them to do a final deep clean before handing over the keys.Finally, for peace of mind, you might consider consulting a local real estate attorney.

I have also utilized owner financing for longer periods of time, including personal residence and 2 barrier island houses on the coast of Florida.  

Usually my time spent with newbies last a minimum of 1-2 hours on our first meeting (either in person or on the phone).