They should be able to speak the language of real estate investing fluently. 

You may be OK, but your language is vague enough that I wanted to raise the point.As an IRA, the plan can accept contributions up to your limit of eligibility as well as rollovers from a compatible IRA or 401(k).It is highly unlikely that you can make new contributions to your existing 401(k) and then immediately roll those out to an separate IRA. 

I'm still really new to this and the opportunity has come to us before I've had a lot of time to study seller financing.

Hello community, I wanted reach out to get some advice.Although I've studied RE investing for the past 10 years Ive never actually purchased anything.

Where or how could I get a better understanding or can someone help as far as how to properly study?

I would say treat it like you're learning a new language where you read a lot and then practice by using it but also by speaking with people who know it to help you become more proficient.

I don't know of a way to upload attachments, but here is the generic language.  

It is the perfect combo as he has the ability to get a mortgage but no time and I don't have the credit but I have the time to learn, study and take care of business.

I do know that general terms and language in notes and deeds of trust contain provisions for acceleration of the debt, unless it is prohibited by applicable law.  

If the lien is of record, unless there is subordination language in the town's lien it should have priority over your new debt.