In addition the bank could take forever to get an acceptance and the interest rates might have changed by then affecting the price you can pay etc.It helps waiting sometimes if market value is rising and you have a set price but if the market is going flat and interest rates rise or market prices go down it can be a negative.No legal advice. 

The county said 2-4 units were no problem but 6 would require additional approvals.

Good luckEDIT: In addition to all of that, make sure it's still a good deal for you in the end.

I'm new to real estate investing and I'm exploring the idea of using money that I have tied in a 401k retirement fund in exchange for an investment property.  

If you don't want to borrow anything additional, you would be doing a rate and term refinance.  

In addition there are elderly people in need of assistance by way of assisted living.Is it possible to approach a land developer (apartment or assisted living/health care) about entering into a 100 lease agreement whereby I make the land available under a lease but they develop the property, manage it, and maintain the operation?  

You also may want to look at a site called houseflippingworksheet.com for additional help on how estimate costs of rehab.

In addition to them having money they purchase property “AS IS”.

We're always open to exploring new opportunities!  

So a meeting like this will just to meet new people and explore new options.