Buyer beware is very applicable here. If you really feel this is the right option for you then look at properties where the owner has title and no mortgage is involved. If there is a mortgage than look at assuming it for better protection.
Realtor, GRI, CSSN
John Hall & Associates
Generally, these sellers are not legal experts and use contracts of their own. While the terms may appear to be correct, often the deal is a land contract where the seller can claim the property for any small infraction in paying the monthly.
Always seek legal advice when purchasing without a Realtor involved. Contract forms, other than those promulgated by the State of Texas, could have provisions that favor buyer or seller in an unbalanced fashion.
A Realtor can help you make an offer on a property so that the seller finances the sale, which is really the purpose of owner-to-owner deals. If the current owner has a mortgage in place, there will be other issues and consulting an attorney in those cases is recommended.
Seller financing is often used to overcome bad credit but the seller usually wants a larger than normal down payment, plus some dig deeply into the buyer's financial history to assure themselves that he actually has a good chance of paying the monthly for the foreseeable future.
I am not familiar with "owner to owner" unless you mean a For Sale By Owner. Bad credit is only a problem buying a home if you need financing, which most FSBO's require. You may find owner financing through a conventional listed property or FSBO but with bad credit most sellers will require an incentive for them to take the risk. Typically the incentive would be a large down payment and a high interest rate.