Indiana Land Contract - on the fence
I have a duplex in a crummy neighborhood, but with awesome rental income potential as there is a shortage of rentals available in the area. I am totally uncomfortable going there-even to do painting, cleaning, etc. myself, so I don't want to be involved with any more repairs or upgrades. I've had it for sale for 2 months, and nearly everyone who has contacted me about it is looking for seller financing. It's only a $15K sell and I'm ready to be rid of it-but seller financing feels very risky to me.
On a note that small, should I bother with the expense of getting a third party servicer for payments and escrow? If I'm the loss payee on the HO policy, will that insurance company notify me if the buyer drops his coverage? How much and how many months would it take to foreclose if the buyer walks away?
It feels like a lot of risk--I'm pretty trepidatious about new things. I know it could be a way to squeeze out some more money from the house, but the worst case scenario keeps creeping to the forefront...that I'll be out money and be stuck doing this all again in a couple years.
Any advice will be gratefully accepted!