Legal Question in Real Estate Law in Michigan

Re: Land Contract, Lease w/Option, or Rent

In my opinion, renting is the way to go. In my experience, foreclosing on land contracts and options is much more burdensome in that the buyer has more rights for the court to protect. For example the right of redemption which provides a 6 month period in which the buyer can pay up and continue in the property. Furthermore, what if you sell on land k or lease w/ option, and then the buyer files for bankruptcy? You will be stalled and spend $$$ getting the automatic stay lifted. Rent it out and if the buyer defaults, getting him out is as easy as sending him a 7 day notice to quit! (Well not that simple, but relatively, yes.)