You're not also flipping the property, so the cost of money isn't really your personal issue.

This allows me to do a 1031 exchange and get into newer properties with better tax advantages (once I have used up most of the depreciation from the previous rental), and it allows me to never deal with deferred maintenance issues that increase my cost of ownership.

The issue you're going to run into however is the rate that owner will likely be pretty high.

Just keep calling insurance agents in your area until you find that ones that will issue a policy on a vacant property.

Did anyone have similar issues?

Hello all,I've recently ran into the same issue where the only address listed for the owner was the vacant home.

2) Noise issue - Sometimes, they have too many guests in a unit.

@Linda Hastings  Must have been a temporary site issue. 

In that case a deed could be issued to you only when the terms of the land contract are paid off.

Although there are tons of risks and problems associated with them, many which are just general issues in real estate, don't be too fearful.