They are higher income renters with credit scores over 650 and six figure combined incomes. 

However, you are correct that the Land Contract is Wisconsin's version of the Contract for Deed. 

NJ is very competitive now and those price points for rehab properties are all being sold to cash and the MLS versions will sell higher than asking so you would need to be looking around 200-215k.

Generally, better to be able to attract the best tenants with high credit scores and income, anything else is too risky IMO.

The disadvantages of this loan type is it will be a higher rate than a conventional, Minimum credit score allowed is a 660, 6 months of reserves and 15%-25% down(based on Credit score).

I do have a credit score above 800 and my DTI is only 26%.

with credit scores approaching 800.  

How's you credit score? 

I have a good credit score around 800, about 60k equity in my primary residence and annual income around 125k. 

I always try to remind people that real estate investing is just a slower version of the stock market, we are now in a liquidity squeeze.