Strong policies and procedures. 

Also, ensure your lease agreement complies with local and state laws by clearly outlining tenant responsibilities, rent payment terms, late fees, and maintenance procedure and reach out to property management companies if you're not aiming to self manage your property. 

So here is my main question: what are your procedures for applications and lease agreements?

We recommend very simple procedure for our clients in this situation and it works all the time without any problems. 

It was unclear if the foreclosure procedure was still in the works..

I need some advice and some instruction on the proper procedure in writing up a contract with a private investor and contractor.  

I just had a property turn over and followed this procedure for the showings:I advertise the property and handle all calls, emails, texts on it and set up viewing appointments (I group them all within 30-45 minutes on one day)The current tenants show the property to prospective rentersWhen someone applies, they email or fax in the application and pay the application fee via PayPal (although I am now trying out Cozy for applications) and I process the applicationIf the application passes, I prepare and email over the lease for signatureWhen the lease is signed and sent back to me, I send over a payment request for the first month's rent (via Dwolla or Cozy)At the check-in, I drive to the property to check them in myself and collect the security deposit in secured funds (or use Cozy to collect it beforehand)I have been doing the above for a long time and it has worked pretty well.

Unfortunately, I just got the building and have not had a chance to get all my policies / procedures / forms /etc. into operation.    

Again - NOT procedurally or legally difficult in Texas.

Is there a specific procedure I should have followed?