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.  

It might be worth considering though, that this is an affluent area of an expensive state (CA) and might be a lot harder, financially, to break in to.Area B: This is not a distinct area, but a general idea. 

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.

@Craig Sweeney  That's a very open-ended question depending on your circumstances, other assets, relationship with your sister-in-law, budget, type of property, type of tenants, risk tolerance, etc. 

Just ask to have all time and expenses reimbursed and move on to the next deal.Besides it being an exceptional deal if I choose to fight and keep the home, I feel id struggle to evict the owner under these circumstances.