You have options, it's possible to convert a 401k into a self-directed IRA and invest in real estate, but there are stipulations.

So, we’ll need to verify this stipulation. 

Let me jump in here to say that my experience with my PM (Midwest Realty) in Cleveland has been positive but have to stipulate that they are not for everyone as they only will take on mid and larger size (lets say 10 units or more) portfolio (SFR or MFR) which eliminates the majority of OOS investors.What OOS investors with only a few doors put up with (service levels & costs!)

PS: Our lease stipulates that payment of $X amount must be made by X date or the terms of the lease are null and void.

The local broker's contract stipulates a commission fee to be paid by the borrower (me) not by the lender, and claims that the lenders do not pay commission on commercial mortgages. 

The FHA loan stipulates that I must own it for a year and a day before I can sell it.

I am not in my office so I will have to get back to you on the interest rate.The house appraised for $256,000 and I believe the payoff is around $190,000.The rent to own contract stipulates that if the house is not purchased from the Lender/Owner by the beginning of November the Lender/Owner will deduct another $5,000 from our approximately $23,000 of down payment.

The only stipulation is that the the ARV must be 80% of the loan amount, so you need to buy at a slight discount. 

You're options will be stipulated in the contract.

Since there are a few extra stipulations in the loan similar to FHA some people are just scared of them, but you can also use them to your advantage.