From closing on the land to move in day is going to be 6 months minimum based on anything I've seen.  

I've hired a title agency for the closing.

Has anyone closed a loan with them?

Now it’s more than $107,000, according to the NAR.when rates were at 8% this was publishedA mortgage rate that stays around 8% means median home prices need to fall by 35%, to $265,000.If rates stay at 8% and prices at current levels, income needs to increase by 63%.

You'd only need to bring the difference between the balance on his loan and what you agree to purchase the property for and your share of closing costs.The term is "Subject to" which is short for Subject To Existing Liens, Deed of Trust, etc.

Worked as my own agent on this deal and having the cash on hand to get it bought was a huge lever in getting the deal closed.

Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

Closing costs will be less with this route. 

For example if one was close to retirement they may find themselves in a much lower tax bracket. 

(for sure they do not, but that does not matter in this case) as the note signed at closing lays all this out.