Brie, I decided to let the gym membership lapse and just pitch-in and shovel a little snow ... every second day it seems ;-)If you are motivated and a self-learner you can do absolutely fine without forking over the equivalent of a downpayment for courses.That said, some folks learn better when material is presented to them in a formal setting (i.e. classroom) ... if this is you, I would suggest auditing real estate courses at a local college or university ... no sales pressure, a more in-depth handling of topics and the tuition will be far less (better value for the money).

Last week I got a notice from them that I was to be charged $640 per month for property insurance because my insurance had lapsed.

If you do what Mindy says above, you're notified if the rental policy lapses.

So they carry their own insurance.There might be cases where the PM's insurance lapse, and you might insure against that, just like you insure against uninsured drivers. 

IE house burned down borrower let insurance lapse somehow we did not get notified.. so I am a insurance Nazi about all of this these days.. other thing to keep in mind as well.. is if for some reason the house goes vacant.. if its vacant for more than  60 to 90 days many policies will not cover you after that you have to call and get a special rider for vacant home.. these are all little live and learn things that when they bit you and you lose 50k you won't let it happen again.

I have to honor the one remaining lease with one of the tenants, the rest of the tenants all have lapsed leases and are month to month. 

But in general I would agree with Michael and let their leases lapse and then update the units on a turn--that what we do anyway. 

A Trustee doesn't get involved until the NOD time has lapsed and the house has a sale date set.It is unclear which of these you are interested in.

Just don't let em lapse or it can cost you a lot more.

We are indemnified (additional insured) on that policy, and therefore we are notified if the policy should lapse.