Land contracts for investment properties?

[Arthur Clark]

Has anyone acquired a rental property through the use of a land contract? If so please share your feedback on the experience. Situation: Local motivated seller is in need of relief from his monthly obligation for a sfr investment property. The home is in need of some repair and would not qualify for a mortgage in its current condition. Also I am working towards qualifying for a first time home buyer program that I will use to obtain a multi family property so I can not take out a mortgage for this particular property. Any feedback on creative ways to buy and hold this property would be appreciated. Thanks