1) depends what you mean.. No non Thai can leaglly own a controlling interest in land.. You can own a property but not the land it sits on. That said theres lots of ways around this, 30 year leases.. owning 39 % of a company that owns the land, nominee owners etc..
2) Credit and finance is possible if you have assets outside Thailand (I can get you 3% loand in USD considering how the USD is moving that free money !!( but I have yet to find any company offering mortgages on thai property (probably as they have seen it 1/2 ib value in a month in 96)..
I can offer cheap western standard 2 beds on the N E side for between 1.6 - 2 mil depending on plot size and finish.. For the money these are a stand out bargain.. Check out the 2 mil category at
www.phuket-properties.net other bargains include 3 story homes in patong with private poll for 5.5 - 6 mil.