Other thoughts are if it sits vacant a while (which I don't see happening here), then you are over leveraged.

Sit down and peruse sites like Redfin, Trulia and Zillow.

If you like speculating you can mimic what some Hedge Funds do- buy an oil tanker and let it sit in the dock for a few years before you then proceed to exploit price changes.

The person who recently got a new job might have 401k money sitting at their previous employer that could be moved into a self-directed IRA, if only they knew that was an option.

Think this is high and will sit especially if they hope to have it sold by October because they are moving.

With a little friendliness however i was able to get a sit down with a landowner of some very large tracts that the people at the country store told me would never talk to me.

I want to letters after someone's name, CPA, CLU, CFP, Attorney, I'm not sitting through some insurance agent's whizbang seminar or some real estate agent.

Since the seller is willing right out of the box to finance the purchase I suspect this seller may be getting worn out and may be sitting on some major repairs or replacements they're hoping you don't spot.

If you had 70k sitting what real estate venture would you pursue and why?

You need to be realistic but, yes, you don't want to sit on the sidelines forever.