When Selling...Should I Do Seller Financing or Land Contract?

[Jennifer Ward]

I need some advice. I have a property that I purchased in Indianapolis to flip but things aren't panning out as I hoped. I am now trying to sell the property and offering seller financing. I have someone interested, but they are only offering 3k down on a 63.5k purchase price, with 10% interest for 12 months. If rehabbed the projected ARV is 145k.

I haven't done this before, so I am wondering if I should pursue traditional seller financing where the deed will be transferred in the buyer's name or do a land contract where the deed stays in my name until they pay off the Note?

Also, any other tips and due diligence suggestions would be greatly appreciated.

Thank you!