With that being said it looks like I have a terrible income to debt ratio. also a credit score of about 620. 

You will learn about legal processes / land descriptions.

My wife is the lending candidate as she is a W2 high earner with a 798 cr. score with only mortgage debt on our primary residence.

I do have a legal background.

They are doing the same relatively minimal amount of work regardless of how much capital the LLC holds.A good self-directed plan facilitator or attorney will have one or more preferred custodians they work with, as well as tighter integration between the legal and custodial processes.

As of January 1, 2013, it explicitly added debt buyers to be included under the act.If this is true, is there anyway around it?

You can legally tell them that you are not interested in setting up a showing for them.

So, my opinion (Not legal or financial advice) is, do whatever you need to do to put money in the bank so you can make this a cash transaction.

http://www.nolo.com/legal-encyclopedia/bankrupt-te...I just googled it and learned quite a bit.

So that's cool :) Considering the situation with the sale and comparing the contract options, I would be comfortable doing a purchase agreement on this with some legal verification.