My first land sale contract

[Gregory Cummings]

I am working on my first land sale contract. Curious if I can get some experienced tip or options, I will list some details below that will hopefully answer the basic questions.

Looking to by this house from the owners on a  land sale contract, The owners are moving out of state and don't want to hassle with renting it or taking possible months to sell it,

House details: House is complete and does not need anything to be rented or sold

2250 Square foot 4 bedroom with Office and den space No garage

The Garage was legally turned into a 2 bedroom with living room & kitchen roughly 850 square foot apartment. Has its owner Utilty bills.

The owners before them had previously rented the house out for $1000 and $500 for the apartment.

The owners are willing to carry the loan of $160K and want $7000 cash on closing . The current payment is $1180 and want us to take over the payment and liabilty of the property. $1180 includes taxes and insurance.

It is possible the place could rent for $1300-$1400 and apartment for $600.

This could be a great oportunity for cash flow and especially being owner financed.

Any pointer or red flags people may see?