Owner financing in Kentucky???

[Kathleen DeNault-Ridge]

I understand that using a Land Contract in Kentucky (a judicial foreclosure state) is not advantageous at all for the seller due to a legal determination from the late '70's...apparently:  a Land Contract is essentially equivalent to a mortgage instrument thereby giving the buyer "equitable interest" in the property once any payments are made.  As such, if the buyer defaults, a judicial foreclosure is necessary.  

This process is expensive and can take 6-12 months.  Working with raw land parcels...the rate of buyer "flake" on terms deals could be higher than other asset classes.  With Land Contracts in Kentucky, the seller cannot simply "take back" the parcel once a buyer stops making payments.  Rather, the parcel will need to go through a judicial foreclosure sale (with attorney involvement) in which the flaked buyer can actually benefit due to their "equitable interest" in the parcel (based payments they have already made).  Land Contratcs do not appear to be a reasonable method to sell land parcels in this state.

However, I do see raw land investors selling on "owner financing" in Kentucky.  For those whom are offering owner financing, how are you structuring these transactions?