Since you are dealing with a bank there will be additional verbiage as safeguards built into the contract to make sure the bank is protected. 

Ask your about safeguards if tenants are in place.  

I've asked before, but now I am in a time-sensitive situation.  

Real Estate is much more personal and situations are much more sensitive.  

That said the type of unit will matter a one bedroom/two bedroom will be less sensitive to school year.

@Teri S.Trying to engage in an investment activity that requires frequent transactions or transactions that are time sensitive in nature is not easy with a 3rd party custodian acting as the processor.A self-directed IRA LLC or Solo 401(k) can be configured to offer checkbook control.  

Now I prefer families with children and the school year begins in Sept, so I am sensitive to getting all units rented before then.

This structure is much more nimble and efficient for investments such as rental property where there are a lot of transactions and things can be time-sensitive in nature.The IRA LLC model has been around for more than 20 years and tested in the courts.  

There are lot of smart people working on safeguards but overall I personally think this will only serve to benefit people.

The requirements for getting a real estate license include the following:  (6) Evidence of good reputation for honesty, trustworthiness, and integrity sufficient to safeguard the interests of the public; and(7) Completion of a criminal history background check through the Department of Arkansas State Police and the Federal Bureau of Investigation as set out in § 17-42-315.