Seems to me that Wisconsin and Nebraska may have a similar procedure. 

I have never purchased a home before so I am not sure of the standard procedures or proper protocols.

I would make sure that you clearly define the security deposit disposition procedures and what the expectations are for the disbursement of funds for the security deposit.

This sounds like standard procedure but if not looked into properly could severely cost you thousands of dollars, sucking your profits.  

Your state will have a department or agency that outlines the proper procedure and forms.  

What is the procedure if this company has gone "belly up"?

Is that the procedure? 

You need: business license, errors and omission insurance, a relationship with a title officer, an attorney to sent up structure, attorney to write the disclosures and documents, professional website, clients, a business plan, what type loans you will do rules ins and outs, CPA to set up procedures, bookkeeper to do payoffs/ annual state and federal reporting/ process payments/verify taxes and insurance are current, you cannot talk to ANY owner occupants or you get fines and jail time, without an office address or history you won't appear genuine, you need to answer the phone 10 hours a day, have construction costing deep knowledge, able to pull comparables and AVM's in seconds, able to pull a tri merged credit report, have vendors linked to your cloud based loan processing system just to name a few.

What is the procedure that I have to go through with DC Housing Authority to basically let them know I'd be the knew land lord of the property and switch my information with the out going sellers? 

@John Geldert  its not necessarily standard procedures but just one way to do it.same thing as many of the lenders want you to do the work pay the subs then upon inspection they will reimburse you.. this throws a monkey wrench into many flippers cash flow.. its whatever you can negotiate.. but if your looking the the least expensive money then your going to have to put up the most cash and give the greatest protection to the lender.