We also retained a lawyer so the property won't forclose.

My trust attorney just sent a retainer invoice for $1500 to get the process started.

The subto seller's owners coverage (other than any liability arising from the breach of a warranty) would terminate at the subto sale.With a land contract / land installment contract / contract for deed (executory), coverage would continue (IMO) until the deed into the buyer was executed because the insured retains an estate or interest in the Land (legal title) until that time. 

They will state their plan for the secured debt which for the most part will be one of three options, 1) Reaffirm (rare) or, 2) surrender (Common for cars, not common for homes unless there is no equity) or, 3) "Pay and retain pursuant to contract (Which means i want it but i'm not reaffirming it).  

Brian,If you retain ownership, you will need to maintain Insurance on the property.  

Over time, you have to be careful that you don't over prioritize retaining tenants as this can turn into a big-time trap when you have long term tenants.

It benefits from strong rental demand, making it easier to find and retain tenants.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

When you reach out to the CPA tell them that you'd like a paid hour to go over a real estate investment you're considering and also to gain an understanding of what records you should be retaining throughout the year for them to best prepare your taxes.

I have the extra money for the fees and retainer (15k).