It is vital to build a team with an expertise in the marketplace.

Additionally, item (2) in the estoppel states that the existing lease is maintained in full force, and the tenant write "N/A" to any modification, exceptions, etc...Its my understanding I'm required to uphold the lease terms.Any advise is helpful!

The second exit strategy you can do is reinstate the first in foreclosure as @Bob Estler mentions above (which goes to show how important due diligence is with rent rates on dangerous loans) since your 2nd is "Paid off" you can see if you have the rent rates cover the cost of the mortgage and maybe hope that the 1st lien holder will be able to do a modification to reduce the monthly liability since the property is upside down.  

A dedicated employee whose job is to show potential tenants the units, run background checks, and then figure out ways to market the units when not showing them, would be a vital position to have.

Having a website where tenants can pay rent and request repairs, and investors can get up to date status on what is happening with their properties is vitally important.The fees you charge, the monthly fee, a new lease fee, a lease renewal fee, eviction fees, ANY fee that you charge must be clear and up front. 

So, you might consider a modification before you sell it.Always ask if the borrower can pay it off somehow, if they can save money, they might find that long lost aunt to help....never know!

Two special rights extended to disable 1) the right to make reasonable modifications to dwelling to enable them to live there comfortably, and 2) the responsibility of management to make reasonable accommodations.

Sooner or later the roof, the HVAC system, the water line, or some unimagined but vital component will give out.

Landlord encourages Tenant to make the dwelling "their own home" and will allow a certain amount of decorating and modifications.

That might require a new tenant, some modifications to the unit, or more.