Thoughts please on my strategy...

[Brandon R]

Hello Everyone,
I have 6 investment properties after 16 months. 2 of which are rented. 3 are on Land contract. The last one is just finished and available for whatever..
I have been considering doing all my properties on land contract to qualified buyers. Those people that are very close to being able to get financing but can't. I run credit, background checks, refernce checks, etc.. and I send them to people who can help them improve credit.
I ask for 10% down and charge about 9-10% interest (I pay 7%). I make about $180-$200 profit off of each contract sale monthly. Their payments includes principle, interest and property taxes which I hold in savings until due. They are responsible for their own insurance in which my bank and I are listed as additional insured.
I really like this concept because 1. Down payment 2. eliminates maintanence calls 3. Puts ownership responsibilities on the contract buyer. 4. Better quality "tenants"
I understand that a high number of these buyers walk away from the deal. I think that is ok! So do renters but renters don't put 10% down payments and eliminate our management and maintenance headaches. If they start to get behind the first thing I will do to save months of disputing is go to them and offer a deal. Just leave within 30 days and no lawyers will be involved, no foreclosures, etc... if not then I call my attorney.. Then I clean it up, get another 10% down and do it again.
This seems better than renting. Safer and more profitable.

What your opinions on this strategy? Does anybody else do this? I am not against owning straight rental homes. I am just trying to be smart about it and increase my cash flow while limiting my time, maintanence, etc...