If this is a a C class area or better, I would say this is a good deal.

Any advice is welcome.

This is as good a location as any? 

There is a severe shortage of home to rent in north OC, when one of our client's homes come up for rent, it is a feeding frenzy.

Quote from @Sean Quinn: My new favorite is in my signature. :)The best book I've read is "The Unofficial Guide to Real Estate Investing" by Spencer Strauss.

Why is it so difficult to get this completed? 

Have doubled and what the bank is offering you is up 4-5x.

Land is very tough to estimate value do to it's valie is based on what you can do with it and how much demand there is for what ever is ultimately done with it. 

in Oklahoma is a real estate license required to manage properties?

My idea to buy a home is to get an 80% LTV 1st mortgage from a bank, take over that mortgage and give the seller a second mortgage for 50% of the 1st mortgage balance because I need some cash to cover the payments, which the amount of cash would be more than the remaining equity in the home.