What are benefits and risks of a Land Contract w/a mortgage?

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I put a Duplex on the market in Michigan and received a land contract offer. It presents itself well like buyer offered over-asking, the interest rate is great and financing for a term of 6 years with a balloon at the end of the term. Buyers are going to use the property as a group home for people with disability and elderly care. Since I've never done one of these, what should I be looking for in terms of risks? What if they don't pay and I end up evicting everyone? Any help would be greatly appreciated.

Originally posted by @Joanne Mendoza :

I put a Duplex on the market in Michigan and received a land contract offer. It presents itself well like buyer offered over-asking, the interest rate is great and financing for a term of 6 years with a balloon at the end of the term. Buyers are going to use the property as a group home for people with disability and elderly care. Since I've never done one of these, what should I be looking for in terms of risks? What if they don't pay and I end up evicting everyone? Any help would be greatly appreciated.

 Could be a good deal. Make sure you carry proper insurance if it is being run as a group home. With a Land Contract you don't give them the Deed until they completely pay off the mortgage. You have to foreclose not evict under a Land Contract. You are selling the house, not renting it out. Use a real estate attorney.

An asset protection plan that ensures your other investments are separate can assist with mitigating some of the risks here. Agreed that you should certainly be speaking with an attorney you trust before signing anything related to this deal.