Newbie Question - Dallas - Seller Financing

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Hey guys I found a couple houses that are abandon in the Frisco, Tx area. After some research I noticed that they were both fully owned by the owner. Both houses have been vacant for 4+ years. (I talked to some locals) I was going to send this person a letter posing owner financing because he is not making any money on it currently as they just sit. While financing it through the owner, I want to rehab one of the properties and turn it into duplex because the city allows for it in that area. The other property I would like to break up into two properties and sell one off (the land is 1.40 aces and the house is built on .4, its a right across from the elementary school) hopefully enough to pay a large lump sum. 

What are some pros and cons of owner financing, is this a very risky option to try?

I have read multiple real estate books at this point and feel ready to make the jump. That does not mean I think I am fully ready, so please any and all advice is welcomed!