Land contract and appraised value

[Dustin LaRue]

I am looking at buying a duplex rental on a 15 year land contract. After down payment, amount owed on LC will still be over appraised value but will have a positive cash flow. If I were to try and get a conventional mortgage on another property in a year or two, would this have an impact on debt to income and be seen by bank as having a property underwater?