What would be good contingencies that favor the buyer in a land contract?  

Thanks Wayne,I understand what you are saying about the repair cost, so will put a large contingency in.

Did you include a financing contingency in the contract? 

I will make sure I put contingencies for all of these things in my contract.Jeez

if this is your first time get a good inspector and go over it thoroughly before you get through your contingency periods.  

I still can renegotiate with the seller, as my offer is contingent on the inspection and appraisal.Does anyone have advice that could help me decide whether I should go through with this deal, or back out of the deal and wait for something that needs less repairs?

Also, did you include a home-inspection contingency with the offer?

Contingencies - Whether it's buyers market and you want a contingency for you selling your old property. 

Plus, often you're at a HUGE risk buying these homes and have to waive all contingencies, make no request for repairs, etc.

Get it under contract with a contingency of the other property going through.