Land Contract Deals – Do or Don't?

[Joey Palmer]

Hi there. I'm looking at a property in Cincinnati, Ohio, the Pleasant Ridge community. It's located next door to a property I already own. The two properties were once co-owned by a couple, and since we couldn't afford to purchase both at once, we purchased the first one and now we're *almost* ready to snag the second. Since we don't have all the funds for a down payment at the moment, the seller is willing to do a Land Contract. Questions:
1) Have you purchased a property using a land contract before, and if so, would you do it again?
2) What is considered normal for the seller to do while the land contract is underway in terms of paying the mortgage? 
3) Should I expect to act as the property manager during the land contract term?
4) What pitfalls should I be aware of in terms of the contract language and potential problems?

Thank you!