You lock in your owner financed rates and ride the wave.

If you play with the term, interest and downpayment enough you can make almost anything sound good.In your realtors example he uses a very long term and low interest rate to make the case... problem you'll run into is that interest rates are currently at historic lows and can't really get any lower, and you can only lock into such low rates for limited time spans.Eventually the mortgage will come up for review, and you'll be faced with higher rates, and even just a point or two higher severely changes the bottom line because of the extended term you'll have so little equity for the first 15-20 years.

One major challenge is that this land is land-locked.

Buy using a sub2 strategy (no credit and little to 0 down needed) Lock up a great deal and wholesale it or double close it for a quick profit and use that money for your down payment on acquisitions.Food for thought.

If I can get the bank to lock me in a 30 year fixed rate that is reasonable even though I am 75K upside down I should ride it out or financally would it make more sense to start over.

I lock my doors.

Banks are still locking and closing these at this time.

The thread is locked to prevent a downward spiral.The lesson here is that if you don't want your deals to be torn to shreds under the collective magnifying class of the BiggerPockets community, don't post it.

Do they lock you out of selling it for a certain period of time?

If you make an offer and it gets accepted, you have it locked up, who cares if higher offers come in, they are out of luck unless you choose to exit the contract via one of your contingencies.