(I'm an estate planning lawyer - not an insurance agent).That being said --- you really need to sit down and understand your goals before you get advice on what vehicles you want.Insurance people will tell you insurancelawyers will tell you to set up a ton of LLCs and trustsNone of these are correct if your goals don't align. 

Before you sell, you usually have to "quiet the title" before reselling, which takes some time and a lawyer.  

the issue with sub 2 wrap goes deeper than just monetary loss.. your risking the people you bought the house from as well.. and I will say one more time.. if you buggar their credit because you cant refi if  gets called or cant make payments for them.. then this goes way past you lost a little money and it ends up with lawyer letters  complaints to the AG  etc etc..

Will run this past my lawyer and proceed immediately.

What does your lawyer say?

Title companies have lawyers, but they are not your friend’s lawyer. 

You don't make enough to pay lawyers, fines or anything else from your cash flow. 

First time ended in a lawsuit that cost me close to $40,000 and the second time we had to get the banks lawyers involved to sort out removing someone from a mortgage.

You could discuss with your lawyer to determine if this avenue is viable for your situation.However, it's also worth considering the value of having reliable tenants.

I recently established an ownership structure similar to you with the help of a lawyer.