I see there are some recommended companies on here.

If you are a beginner I would recommend staying on platform.I get more scam attempts on VRBO, a lot of people offering to pay by company check. 

Some companies allow property owners to select tenants and set the screening criteria...We do not - our criteria does not bend. 

Gaining a risk-free property, with a long-term resident there to pay down your fees, etc, with a property management company in place to hold your hand along the way and making sure your property is kept up with. 

From there, I would like to consider a 1031 exchange in the future to acquire more units.My current property management company suggested that they could handle a mid sized apartment building but I would absolutely not consider them for it as I believe they have overextended themselves and communication is lacking.

A third party company that integrates with our system.

Would you take an escrow account with a deposit?

Here are a couple of ways you could structure the deal:Lease Option with Seller Financing: You could lease the property with an option to buy later, allowing you to rehab it while giving the sellers time to find a 1031 replacement property.Seller Financing with Deferred Payment: Structure the seller financing with no immediate payments, allowing you to refinance once the property is appraised, and the sellers can complete the 1031 exchange when ready.Escrow Holdback: Transfer the deed into an escrow account, giving you control without immediate transfer, so the sellers can take their time with the 1031.Third-Party Facilitation: Use a qualified intermediary to hold funds and facilitate the 1031 exchange while you refinance.These options allow flexibility for both you and the sellers.

Which companies did you choose?

It'll likely take a month or two assuming that the loan is with one of the large servicing companies that move at a glacial pace.