I eventually want to build on the lot but for the time being, I want to purchase it so that no else buys it first.

I also doubt very seriously that any brokerage/custodian is going to allow this kind of loan with 401k assets; it's likely going to need to be a 401k general purpose loan, which is highly regulated (as someone else mentioned). 

Who else would have bought this land from them?

I am using Quickbooks now and i know its way past time i look for something else.

Originally posted by @Ryan McKenna:I didn't use them and someone else I know didn't use them either. 

I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

What is the compelling reason for them to pick you, with your competitive rates, over someone else they've already been using with competitive rates? 

They all had their own lawyers of course and it was a mess that took 3 years but eventually the buyer (the developer) did prevail.

I didn't add anything else on top.

What else would you do with the cash if not buying another investment property?