Since it is a flip, you don't want to give a future buyer any reason not to buy, so I would just make it simple and safe. 

The terms of the loan being for only 3 years maybe be possible or even legal but I would verify this with an attorney that is familiar with Dodd Frank and the Safe Act.

If you have some photos of the property you can post a ad on craigslist like you are trying to rent it and then see how many responses come in at a certain price.If you don't get any responses or not enough to feel safe then the rent would be too high.

There is an area of JC on the other side of 440 that is a bit removed from the "up and coming" part of the city, but it's a beautiful development, very family friendly, clean and safe, and far more reasonably priced than down here.

Happy and safe investing to all.

I could play it safe and rent an apartment for a year while I figure it out, but that would be money wasted!

But then can I safely bid at the June 25 sale and get good title? 

Dodd Frank allows you to Seller Finance your residence every 12 months.If it is an investment property you own there are Rules w Safe Act and Dodd Frank.See Summary of Dodd Frankon my BP blog.

Its also probably safe to say he already knows and is testing you out to see if you lie or not.  

The lowest risk for SDIRAs in my opinion isBeing a Private Lender to a rehabber or real estate investor with safe Loan to Values of 80% or lessTheEntrustGroup Custodian for IRAshttp://learningcenter.theentrustgroup.com/Pages/Ca...TrustEtc.com Custodian for IRAshttp://equity-university.trustetc.com/library/gene...PenscoTrust Custodian for IRAshttps://learn.pensco.com/investment-options/real-e...