There's also a few things you could do to try and improve the description itself.

Hi, We have one loan for my house under my name, another loan for a rental property under my wife name.

Talk to a couple agents and see what items on those list you can improve to save on your insurance premiums. 

Get the cost analysis and blue prints done and work it out with the construction loan committee and start the work draw phase.The other options which can be a little easier is buy a home that will pass an Inspection/appraisal and not be "Subject to" but does need a lot of TLC/renovations and do it yourself.

If the buyer got a loan from a traditional lender to get to the 75k number, would that automatically put me in a second position on my seller financed note?

We will finance the 25% down with a loan at 3% from a life insurance policy loan and hope for the best on the conventional investor loan we will have for the purchase money.

(b) That supports improvements that may be constructed above the lands.

Assumable loans!  

But, will it be possible to secure another loan ?

Student loan debt of 40k, paying 700/month (20k at 4% paying 200/month and 20k at 0% paying back parents 500/month).