Owning IS better than renting - renting is sometimes known as "throwing your money away" or "putting the landlord's kids through college" ... however, you are responsible for every maintenance expense, new roof, new furnace, taxes, insurance, all utilities, etc. And if the property is ever condemned (labeled as unfit for human habitation, or even just not being up to code), you could be homeless. It takes money to make money.
Before you would proceed on this house you should get a market value analysis (free from most realtors) and property inspection (paid, through a licensed inspector). Even though the relative might be willing to sell you this on very favorable terms, you'd better know what you're getting into. Owning should be viewed as an investment, so ask yourself if, at the selling price, and taking into consideration any improvements needed, will you be able to get out what you paid at a minimum, and hopefully more?
In my state at least, there are programs to help a low-income household buy their first home. You should look into those. It might even be the case that you would be better off in a program like that, with a conventional mortgage, than buying on a land contract.
Look before you leap.
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A finger in every pie.