Nothing wrong with finding one now but your time is better spend looking for contractors. 

Yes, the owner could have "translated" the document verbally to the tenants and had them sign, but that sounds wrong.

I know college kids can do some damage if you rent to the wrong ones.

Does anyone think Im going about this in the wrong way? 

Unfortunately, sometimes it takes having to have something go wrong to know you need to add it to the “walk tenant thru how to do this” list. 

well I think most land contracts are universal through out the US.. its a two stage process.One default of the land contract.. then an eviction as the owner of the land contract is now a tenant at sufferance.Now I could be wrong but that would be my guess.. get the land contract foreclosed  then file for eviction.

My hesitation is that we do not have enough capital saved to make improvements on the building right away or for repairs if something were to go wrong. 

Hey guys, I am new here after BP webinar trying to analyze some properties for practice.So I found this duplex on Realtor, it is currently PENDING so not really going to do anything with this just wanted some feedback.So what we have here is a duplex in Indianapolis, IN, with two 1bed/1 bath units asking price is $89,900.Estimated rent for 1 bed in the area according to Rentometer is about $650, but I conservatively put $600 in my calculations.House looks OK but I put $5000 in a fixing budget.So, after all, we got $285 in cashflow monthly with about 13% cash on cash which is looks pretty good to me for a random listing from realtor.com which is also been there for 175 days now.So my ultimate question is what do I get wrong?

You should really tackle this debt before you get deeper into real estate, because if we hit a recession, which we probably will in a year or two, and a few things go wrong like you lose a tenant or two due to job loss, and your property values tank 20-30% ... you'll basically be on the verge of bankruptcy.

You can back out at this point.5) If everything is good up to this point, then they do the inspection.6) If they find anything wrong, you fix it and everything is good     a) If the cost of repair is too high, you say no-thank you and can also back out at this point and rent to someone else not in the S-8 program.Again, I'm WAY new to this program so some of what I have above could be wrong, but that's how it works as far as I understand it.