Land contract for 4plex

[Alex Stariha]

Does anyone have any advice for entering into a land contract? I have an opportunity to purchase a fourplex Residential Building for around 400,000. The cellar is wary of selling out right due to large tax burden and we both suggested a possible land contract. What would be a fair interest rate in today's market? And how long do land contracts normally go out for in terms? Any other advice would be greatly appreciated.