They do not send periodic updates and you have to keep asking them for an update every month.

Further, Reg D 506 C offerings can accept new investors money right away, while other private placement exemptions require a 90 day waiting period for investments from investors with whom the sponsor did not have a prior relationship. 4.

So I'm not sure how long of a loan tenor you're looking to offer with your owner financing sale, but my advice would be to use a higher interest rate while trying to keep the monthly (or whatever other period you use for payments) low. 

Quote from @V.G Jason: This is just that period of time in the investing cycle.

Period. 

Interesting to see how this thread has morphed over the period of time.

I'd consider renting for a period of time and identify a particular area you'd like to eventually buy.

typically with seller finance there would be some period of monthly payments and then a balloon where you pay off the balance in full. 

Here's the bottom line - you won't cash flow, period, for YEARS. 

The bullet in the response that is standing out to me is:"(7) The accessory dwelling shall not be a short-term residential rental, as defined by City Code section 3-2-152(a)(2), for a period exceeding 120 days per calendar year."