Help: Qualifying Land Contract Buyer

[Alain Perez-Majul]

Hey guys! Sorry if I didn't post this in the most appropriate category, but couldn't find a better one haha

So here's the run down: I am rehabbing a home that I will look to sell on contract and carry a note for some time (likely amortized 20 years). I haven't done this before, and wanted to see if I could get a little guidance from anyone that has, and that is knowledgeable for whatever reason.

My questions pertain to how to qualify a buyer. Obviously, I would want the buyer to have the down payment amount I'd be asking for, to be comfortable with the monthly payments, etc. Seems like common sense would be to check employment, income, and perhaps to a lesser degree (depending on the strength of other areas), credit.

With that being said, what should I be looking out for with a buyer for land contract? How much important do you put on credit? What I have missed above that I need to keep in mind, or what have I included above that might not be that important in comparison to another factor? Any recommended third party companies that help with qualifications for these buyers? As I mentioned, I'm new to this, so anything helps.

As always, thank you guys for your time and help!