Advice needed on a potential Michigan land contract deal

[Drew Denham]

I just bought a house for 18K last week and I found someone who wants the home under these terms...

Rent to own for $1500 for 6 months ($800 going to the down payment for the LC) $700 per month for rent.

At 6 months, use the $4800 ($800 * 6 Months)) as a down payment for 35,000 purchase price @7% interest and a 10 year term (LC owner responsible for taxes and insurance)

Lease and land contract signed at the same time

No security deposit....

I really don't know much about Land Contracts so I'm looking for some advice (before going to my lawyer). I've literally only changed the locks at this place...

Thanks everyone.