If you finance the purchase of the land through a traditional source bank/credit union most will require at least 20% down.

Request 3 months of bank statements from the company to verify active income.3.

Please see more below:Solo 401k vs Self-directed IRA:A Solo 401k has several advantages as compared to a Self-Directed IRA including the following which specifically apply to your situation:Unlike a Self-directed IRA, you can have the account for the Solo 401k at a bank or brokerage that does not charge maintenance fees and where you will have checkbook control.Unlike a Self-directed IRA, if you use leverage (which must be non-recourse financing in either case) to acquire real estate with your Solo 401k the income will not be subject to Unrelated Debt Finance Income taxGeneral Considerations Re Investing Retirement Funds in Real Estate:1.

The CRE lending market is expected to recover gradually, with opportunities emerging as interest rates stabilize and maturing loans drive new borrowing activity.Some regional banks are certainly struggling while others are consolidating in bid to become national powerhouses.Revised CRE Lending Projections2024: 26% growth to $539 billion (down from previous 34% growth forecast)2025: 23% growth to $665 billion (slightly lowered from 24%)Multifamily Sector Adjustments2023: $246 billion (49% drop from 2022)2024: 21% growth to $297 billion2025: 31% growth to $390 billionMarket FactorsRecent moderation in interest ratesSignificant number of loans maturing soonProperty owners hesitant, hoping for further rate decreasesUncertainty persists in the market, particularly regarding interest rates and property owner behavior.

This is believed to help put liquidity into the home buying process by taking these loans off the books of banks and mtg companies.Now Freddie has started to purchase 2nd mortgages.

Investor B has the same $100K to invest and decides to purchase two "C" neighborhood single family homes and successfully completes the BRRRR process and then takes the same $100k completing the process a second time and in total has 4 single family homes in a "C" neighborhood with the initial $100K back in their bank account.Who is the most  successful if the hypothetical ends here?

It is painful to do this even with lots of equity as it is not "bread and butter" for a bank.

From what I understand so far, the bank will place the first bid at what the current owners still owe (the 58k).  

Does anyone know any local banks who would do this? 

If you want to point the finger, we can blame the Fed for holding rates low for so long, and the govt for printing 5 T, making money real cheap and allowing these NY investors to over pay on the real estate.I guess you have to wait until the banks take these assets back.