He's not an accredited investor so he can't deduct losses on personal income. 

Does this person have a business license?

Most of the time, the seller financing is in place because traditional financing would be challenging. 

I would personally rent if it is temporary so you don't mix a personal and investment decisions.

They can be fun but also time wasters as well I have only personally bought off auction.com 

we build ground up and don't collateralize anything. we build at a discount in Columbus Ohio and we build cheaper than every builder I've seen in our market and because of that we make each person self fund a retainer account. we don't extend any credit to anyone. opposite of what you are saying. builders that bring value call the shots. 

However, if you prefer to meet in person and not over zoom or some other digital means, that would be a consideration.

@Cameron DavisIt is a noble effort but it has unique challenges you may not be ready for !

They require the person assuming the loan to live there. 

Challenges?