Warren, MI Land Contract (Seller Financed Note)

[Michael J Scanlon]

I have been contacted about assuming seller financing (land contract) on a condo in Warren, MI. The remainder left on the note is $35,000 and I would be buying the note, not the property. The property itself is worth about $55,000. The interest rate is 5.5% until 2033 for a total payoff of just short of $50,000. So whatever price I could buy the note at would turn into about $50,000 and if the current tenant, who is paying the note off, defaults, I could take back the property. 

Would you do the deal? I am thinking I want to avoid it but I'm curious on other takes.