[john70t]

(disclaimer-I know little about these laws. I knew a guy who did a land-contract and resold the place a few years later).

The good:
-Big down payment/security deposit.
-Down payments/rent are higher than normal.
-Option for the buyer to obtain financing and purchase in entirety at any time.
-Place is filled with vested people.

The bad:
-Big liability if it turns into a meth lab,or gets structurally-modified/re-decorated "creatively"...let's say. This could very easily get more expensive than the $10,000 deposit.
-Eviction of homeowners for non-payment may fall under stringent new Federal laws, not local judge/sheriff.
-Non-payment of utilities, taxes, etc. could come back to haunt you.
-Loss of insurance coverage and other protections.

A well-crafted agreement would be needed at a minimum, along with active oversight of the terms.