How am I (buyer) protected when purchasing land through seller financing?

[A.j. Silva]

I'm looking to purchase 1.9 acres in the greater Phoenix area. Seller-financing is the only option for me as my income is through my LLC which isn't older than two years. The seller is asking for $40,000 down which I am able to pay in cash. The total price the seller is asking is $195,000.

However, I've read that lands contracts can exist where I'm not given the deed to the home until the loan amount is paid in full ($155,000.) Is there a way to protect myself and recoup any of my equity  (downpayment and any construction I plan to do) if the property by chance forecloses? Even if I am deeded the title at closing, am I able to recoup any equity in cases of foreclosure?