Since the previous owner is getting most of the proceeds does the closing attorney issue him a 1099S and then issue my company one for a much lower amount?

There are recommending screening companies on there that you can look into to see what best fits your screening needs.  

Sadly, on BiggerPockets, some are quick to label companies as scams without real experience.

As a management company, we also have a duty to get a property occupied with a qualified resident as soon as possible and sometimes that means adjusting rents down for right now to generate revenue.  

It's best to invest in a company/fund that does this for you. 

A turn-key provider would be a company that can handle everything from sending you deals that fit what you're looking for, assist in getting you pre-approved for a loan, rehab (if needed), management, and maintenance. 

One risk I could think of is - Even witb a 20 year guaranteed lease, thr company could bankrupt & may put me in a situation to look for a tenant.

I personally use a company called swift permits.

Could you recommend a trustworthy and cost-effective company for this? 

Looking at this past week's CMI, it's interesting to see the buyer/seller positioning in the SE-ish area compared to the NW-ish area with rates high 6's in JanuaryStill bullish on W/NW future demand due to TSMC factory and other companies (dashboard snapshot below) but time will tell.