Anything under ten is actaully quite straightforward assuming your qualifications are in order.  

Can I get a pre-qualification letter before that in order to put an offer in?

Maybe that lenders qualifications are even more flexible....which would allow you to offer more for a property?  

Here's some info from the auction.com listing: All buyers who register after 5:00 AM PDT (the Saturday after the auction begins) will need to contact a bidder qualification representative for approval.

Does a 203k loan have to be for a house that needs a certain amount of fix up for a property and what are the qualifications for it as well?

Even with having my minimum qualifications posted on everything, I still have unqualified people who call.

Ester - there are times when lawyers don't have all the answers when it comes to seller financing - if they did - they'd be investors -Sure they can write up a mortgage and note any lawyer or title company can do that -What you need to think of is how can the seller financing help you now and in the future -The best mortgage you can have with a seller is one with no interest - it is called a principal mortgage - all payments go to reduce the debtIt should be fully assumable without qualification - this will help you if you offer the property for sale in the future - built in financingThe interest rate - if you have to go there - should be as low as possible - so that when you sell in the future you can do a "wrap around mortgage" and make interest on money you oweYou should have a first right of refusal in the event mortgagee decides to sell it at a discount - you get first wack at it.You might want to consider a "Stutter Clause" this lets you miss one payment a yearthat mortgage should be a "subordinated mortgage" this lets you refinance and put the owner financing in second position.Put in an early pay off discount - so pay it off early and take a 10% discountU may want to make that owner financing a personal note - not a secured mortgage -- this way you can refinance immediate and walk with some cashYou could secure that mortgage on another property you own or a partners property - this frees up the equity to refinance and walk with cash (to be used to invest in other properties)You could ask for a delay in mortgage payments for a few months - gives you time to flip it without paymentsyou could ask for interest rate at "prime rate" this is what banks borrow atMaybe NO payments for 2 yearsI know I have some more ideas - but can't think of them now (when you hit 74 y/o you sometimes forget all those great method of making money in this business.)They are some ideas - hope they were helpful - call anytime if you need help.Charles

It depends on how high the rate goes.A small increase will be absorbed and the market for home sales will remain steady.Only a major increase coupled with more strict loan qualifications would injure home sales and increase rental demand.Can't live in fear,work your plan for today and tomorrow.

I will have to clear this with the lender to see if I can take on another "loan" to see if that throws off my qualifications as I do have a hefty amount of student loans left that are weighing me down a tad.

There are advantages and disadvantages depending on your qualifications / needs.