So for example if you buy a house, it will mention the payments you're going to make as well as tell you your obligations such as being required to have insurance etc.

I would strongly suggest that you close this loan through a title company, this way, you will find out if there are any other liens against the property and be able to obtain title insurance, to insure the transaction.

My credit is 750+Loan Amortization: 30 yearsGross Rent: $2,190 ($1095 *2)PMI: $65 estimatedMonthly Insurance: $65/mo estimatedProperty Tax: $229/moNo other fixed landlord-paid expenses (e.g., elec, water/sewer).

You did not include insurance.  5% is too low for Vacancy, Repairs, and CapEx.  

They offered up all the local (I am out of state) legal, accounting and insurance contacts.What questions should I be asking?

The servicing company will also collect for taxes and insurance and make the payments for you. 

You can get inexpensive insurance or you can get insurance for a vacant property.

I have sent over the contract and EMD and was told the bank would get back to me within 15 days as to whether they approve the sale.I have a question about title insurance.

You can also search for Code Enforcement violations and Board of Health Violations here as well.Flood Map search - http://dnrmaps.dnr.in.gov/appsphp/fdms/It is important to know whether or not your home is in a flood plain.

Title insurance  about 1/2% of sales price.