First investment....new tenant already in place..Good or bad?

[Edward Smith]

HELP....Buying my first property on a Land contract...Seller is out of state and is sick of paying a management company....willing to do owner financing at 6%(29925) for 7 years..438.00 a month..Property worth 60-70k Current renter signed a 1yr lease and pays 800 a month(900 for the first eight months) That 29900 is after I put a 25% down payment (39900). Propery is in a solid nighborhood. I plan on selling to another investor asap or I can just hold on to it. ...Good Deal or no