I invest, flip, and own a property management company in CT. 

I personally use a company called swift permits.

Do yourself a favor and find an expert on your particular system -- that might not necessarily mean one of the big name companies.

You can use the Bigger Pockets management finder tool to look up MTR management companies in the area and then I have a few recs I can provide if you are interested.Shoot me a message if you would like to discuss further and I can help you strategize to make sure you make the best decision possible!

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.

If you're a relatively new multifamily operator, you'll likely be required to hire a professional management company (inexperienced owners are typically not allowed to self manage the assets).

Most PMC's will add extra fees to help the company make some extra revenue.

Plus the mortgage company probably calls the loan, and if you can't pay it off then you can lose the property.

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?

Do you hire a title company for all the properties you're interested in before the auction?