A believe you mean a contract for deed is where the seller is financing you instead of going to a lender. Typically, the seller will charge you more interest than a regular lender, and at the lower lender rates now, probably a lot more - maybe even double. Plus, you don't get to negotiate sales price, usually.
To minimize risk, you need to check with an attorney to ensure that the agreement is drawn up with the house in trust or something to ensure your payments go toward ownership, who pays the taxes, etc.
And there are risks involved with partnerships, and this is one.
On the upside, you can get into a house and get payments to go toward something.