The problem is that so many municipalities are restricting them, so many lenders don't even want to try.

So you have lessened your risk when bad sh*t happens since you own it outright.But you have restricted your ability to expand, and scale because the $$ is all in your house....lower risk but lower returns......The "sweet spot" is to leverage enough to maximize your returns, but not enough that when bad stuff happens....and it will..... you don't collapse under all that leverage.

It is a much less liquid asset, more prone to special assessments, more prone to volatility in values, and largely restrictive to get financing on.

@Brian CookeMany states have enacted restrictive legislation regarding land contracts and contract for deeds because in many cases buyers interests ( and sometimes sellers interests ) lack the protections afforded by transactions involving deed transfer.The issues actually fall into a few main categories.

@Mitchell Litam Some of them are terrible but I use the one in Brunswick or Strongsville and they are way better than when I use to go to the Cleveland Heights or Mayfield Hts one.

Within the Cleveland market, check out the cities of Maple Heights, Garfield Heights, and Euclid, as those will be your best bets in the price range you're talking about.

Tread and rise changes, handrails, guardrails, head height will be a challenge.  

Wesley Heights and the surrounding neighborhoods on the west side of Charlotte are a little more transitional but up-and-coming.

What you want to watch out for are rental restrictions.

It is no longer part of that program, but the USDA will be issuing housing vouchers to existing tenants, which will help us through the stabilization period.At closing, we'll have 6 vacant units, with 3 others likely coming vacant within a couple of months.The ultimate plan is to reposition the property and bring rents up from the current USDA rent-restricted rate of $455 (avg) to between $650 and $750.