A few other guidelines:- You must direct the IRA custodian to purchase the land using money in the IRA.- You can't take out a loan against something in your IRA.- You can't buy the land from (or sell it to) a relative (for some definition of relative)- You can't live there before, during, or after it's in your IRAI don't know what you mean by "down payment and future payments"/"interest deduction". The IRA can't take out a loan.Any income the land generates goes into your IRA. Any maintenance expenses (e.g. real estate taxes) for the land must be paid from cash in the IRA. Sales proceeds go into the IRA. There are no tax consequences unless you take a distribution from the IRA.
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