Hey Cody,
A contract for deed is also known as a land contract or an installment sale. There is where you as the buyer do not receive the deed until you make the final payment through paying off the property, selling it, or refinancing it. With a contract for deed you receive all of the benefits (appreciation, cash flow, loan paydown) except tax benefits because the property is not actually in your name. You and the seller are both on title but as I states before, you do not get the deed until you make the final payment. Personally, I would choose to negotiate with the seller and do a regular seller financed deal. The deed would come to your name so you would actually own the property, the terms are outlined in a promissory note where you promise to pay them, and depending on your state, a mortgage or deed of trust would be created that shows you plan to pay them. If for whatever reason you can't pay the seller back, then the seller can foreclose on you (with however how many days you both agree upon) and take the property back. Look at Pace Morby as he is the creative finance mastermind! I hope this helps!
