Land Installment Contracts

[Ronnie Hall]

Is anyone using land installment contracts in low income neighborhoods? I have the opportunity to buy properties REO, from the online auction platform, from a wholesaler. My initial plan was to set the terms in a land installment contract, and use an RMLO for a mortgage, then use a closing agent for the promissory note. Also using a note servicer for payments. These houses are selling to the end buyer in the 30k-40k range. My question is, because of the asset value, do I really need to get a mortgage, or is a land installment contract for a 10 year term, good enough? I worry about Dodd/Frank in states that are judiciary only, especially. These houses are all over the country.

Thanks