I came across a house and over a acre of land for roughly $5000 and the owner may sell it land contract. The house for the most part is structurally sound. But it needs alot of work done to the inside wiring,plumbing, etc. The house has been empty many years a friends grandfather lived there. My questions are if i would buy it land contract what all does that involve? Do I need to have a title search done? Do I have to hire an attorney? I have never purchased anything on land contract just wanting to know what to expect and what to watch out for. Also would like to know if there is any hidden costs and if so what? and how much?

I’m buying a house thru FHA and am a little worried about the inspection process. The house needs minimal work.