The pros are that you may be able to get very favorable terms from the seller and you don't have to deal with banks, which is always a plus.
The cons are that the deed stays in the seller's name until you satisfy the contract. That means that it could get attached to any judgments or leans against him, he may be able to put it up as security without you knowing about it, and/or he may be able to outright sell it out from under you. If you go this route, make certain that everything is recorded properly at the courthouse and do your due diligence on the seller to make sure they are on the up and up.
Thank you so much for the response. The appeal of potentially having a short buying process with a land contract down payment is somewhat tempting. I just started looking into the property so I think that with a little bit more info on the property as well as the owner I should be able to make a better decision.