Land Contract vs Traditional loan

[Jonah Walker]

I have a friend that is selling his rental property for $180,000. He was making $1,500 a month. He is offering to do a land contract with me, so basically owner financing, correct? Anyways. He was talking about a 30k down payment, with a 9% interest rate for 4-5 years. 

The benefit of this, in my eyes, is the ability to purchase another home with a traditional loan in the near future. 

But, I would be a first time buyer, so a lower down payment is appealing as well as a much lower interest rate. But, it would be harder to get a traditional loan on a second property in the near future.

All of this is assuming I can get a traditional loan. I was preapproved, (I dont know how much that really means), about 6 months ago for $200k at about a 3.2% interest rate.

I am hoping to get some input, maybe have someone run the number for me and see the big difference. Or correct anything I may have misunderstood. I am a 24 year old trying to get into the real estate game and any help at all would be appreciated, thank you!