You may find that it provides that her coverage continues so long as she holds an interest in the property, including holding a purchase money mortgage securing a portion of the purchase price of her sale to a third party so a new lender's policy may not be needed. 

Would you be able to provide what you use in another form.

New to the platform and just getting started in the real estate world!

I'm always happy to provide any insight I can for new investors. 

At OfferMarket, we call this a Fix and Rent loan which is a bundle to provide savings.

Also, does anyone have a breakdown of disclosures they provide to the seller when purchasing a property this way? 

If they are month to month, you can purchase the property, provide 60 days notice and have them vacate in order to rehab and bring rents up to market rate.

However, would I be obligated to provide housing (hotel) for the tenant due to being in a lease or do they just need to find somewhere else to live?

Do any of you have virtual numbers or do you find that your PMS software or messaging through Airbnb and other booking platforms are able to fulfill you communication needs while keeping your personal cell information private? 

It is passive investment earnings, not self-employment income.If you wish to take existing retirement savings and diversify into things like real estate and private lending, a self-directed checkbook IRA would provide flexibility similar to the Solo 401(k).