Land Contracts are one of the most difficult things a Realtor will have to handle. Their lack of rules and uniform clauses put us at a real disadvanage.
Most do actually transfer ownership to the buyer. But, each is different and really must be considered on a case by case basis, with extreme attention to detail.
I beg you to NOT take a Realtor's answer for this with any certainty at all, unless they are also a Real Estate Attorney.
What you need is an attorney. They are the only ones who can guide you through the process and truly protect you. That is what we are here to do.
When you do regain posession of the home, a Realtor (like myself) would be the perfect person to determine it's market potential to a renter or buyer, and then market the home on your behalf. But, for a Realtor to give direct legal advice is wreckless and puts you in danger.
If you need a recommendation for a qualified attorney, I can provide a few. Please talk to one BEFORE you take ANY action at all. You can be held responsible both civily and criminally if you take action that violates Michigan law (even if it is inadvertantly).