Land trust and owner financing

Is it a bad idea to purchase a house with owner financing through a land trust? I cannot get a regular motrgage. I have a bankruptcy and 3 foreclosures almost two years ago, and I cannot prove much income. We thought about buying one under my boyfriend(together for 6yrs with 4yr old child)but he has almost 14,000 in past child support with a lein and not the best credit, although we have both new credit paid on time since the bankruptcy. We found a house with owner financing, but the owner wants to put it in a land trust until I can secure my own financing. It will be 5% down, interest only, at 10% for 5 yrs plus insurance and tax. What are the pros and cons for me the buyer? I know the benefits to her? Is there anything that could go wrong? Can I still get a homestead expemption? If we put it as my boyfriend is buying it will he be able to get the homebuyer tax credit, that would help pay down the 14,000 support.