The first thing I would do is the minute you close I would advertise the property on whatever platforms or social media outlets you can and see what transpires from that.

Trying to figure out what is going to transpire and how real estate prices are going to be affected.

Trying to figure out what is going to transpire and how real estate prices are going to be affected.

Even a closed sale from yesterday likely went under contract 30 days ago, before everything transpired. 

I hope to see your progress transpire here on BIggerpockets as we both continue on this journey!

No use speculating until you have a better understanding of what transpired.

I am keeping an eye out for what will transpire in the next 1-2 months

A couple bought their home back in the 90's for x amount of dollars, well it is well over that price x today, so they have been advised that they could turn their residence into a vacation home(and conduct it as an investment) and rent it out for a set amount of time( of which I do not know) after that period has passed they can then use a 1031 exchange because that residence is now used as an "investment property"Obviously, I am no attorney or expert of any kind but I'd assume it was legal to do this as it is quite common here(shady, definitely) but it is what I have seen and am not saying I agree with it or presume to know the fine tuned details of what else transpires.

Offer a good down payment, @least 10yr term, low rate(enough for you to cash flow), no balloon payment..The beauty of seller financing transpires from creative need...Find the best solution...GL

I have no way of knowing what transpires between him and the insurance company.