How does a Land Contract work?

[Joey Palmer]

Hi everyone, 

I've finally gotten a seller I've been working on to sell his investment property to me. Better yet he wants to sell it to me under a land contract. Due to some tax reasons he stands to walk away with a better balance next fall (Fall 18'). He lives out of town and in the meantime I would take over management (land contract). 

Let's say we agree at $150,000 price due September 18'. How are land contracts set up? I plan on getting a RE attorney involved but wanted to understand the basics first. Would I pay him the mortgage plus $/month in the meantime. Would someone please share they're experience or knowledge of land contracts please? 

Thank you!