HELP! Land Contract Terms

[Hannah Williams]

Someone is interested in one of my properties that is listed for sale, but they want to do a land contract. I've never done a land contract before. I have some questions about them:

1) What are the typical terms of the contract in Detroit, MI? How much is the down payment and how much per month (as a percentage, in general)?

2) Who obtains insurance on the property, me or the tenant?

3) Are there any legalities I should be concerned about that I might not be aware of when doing a land contract? 

Any help would be so appreciated!

Thank you!