Looking to sell my property through land contract

[Henry LiChi]

Hi all, I am looking to get rid of one of my properties to one of my contractors who is willing to put 25% down and make monthly payments with 5% interest over 3 years. I have complete confidence he will be paying off earlier and won’t be missing payments, so that is not one of my concerns. My concern is that I have never done this before and don’t know the technicality behind it. My realtor says I just need to put together a land contract and have the title company review it and officially file it. Are there additionally steps? How would I set up a monthly invoice? The buyer plans to rehab the property to make it rent ready, it is currently in bad condition which he knows cause he is the one that boarded it up during the winter. The property will be sold as is. My understanding is that I will still own the deed but he will have equity interest until it is paid off. Is it possible that I would still have liability in any sense? Thanks in advanced.