Property Taxes and Homeowner's Insurance (Owner-Financed Deal)

[SD Young]

Quick questions for the experienced out there. 

Looking at a property with a clear title. Seller owe's nothing. Seller may offer owner financing with a balloon payment a few years down the road. Seller would become the primary lien holder on title. And aside from collecting a monthly payment for a few years (and then the lump sum payment) the seller is pretty much out of the picture. All maintenance, taxes, and insurance are on me, the buyer. 

What's the best way to take care of these payments? Simple as contact homeowner insurance companies, get quotes? Or cancel existing policy? What about taxes? Just create my own account to add some property taxes in each month, and then pay twice a year when the time comes? 

Thanks.