Purchasing a small mobile home park via. land contract - need some advice

[Tim Braun]

Hello all, hopefully this is the right place for this. I am considering purchasing a small mobile home park (6-11 pads) on a land contract. I'm addressing the site details on a different post, so I was hoping to get some info on land contracts here. I have another post about the park, this is more about the financing side of it.

I asked the buyer if he would consider seller financing, and he said he would be open to a land contract. The purchase would be $55,400, the payments I have proposed to him would be $5k down, $450/mo for the first year, then $700/mo until paid off. I asked about seller financing, he suggested a land contract with some sort of deed transfer at around 50% purchase completion. He made it sound like we wouldn't be an attorney and that we could do it as soon as I was ready. I have to do some work on the property and bring in some homes so I don't want to get $20k-$30k into it and find out that I might be in a pickle and lose it - especially since I'll be adding quite a bit of value to the property. I have talked to a few people about the seller and everyone says he is a good guy, sort of a public figure in the area so I don't have any real character concerns but I'd rather be safe than sorry.

Does anyone see any issues doing something like this? Anything to watch out for? I am working on researching land contracts, I have never done one before.