The statutes of the Real Estate Settlement Procedures Act (RESPA) require the form be used as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans.

Inquire  what the local procedure is for abandoned property. 

Yes you are smart for finding a solution that works, just make sure you do not cross any discrimination or fair housing laws while doing that and make sure that is written down in your policy and procedure manual or it can come back on you at some point in the form of litigation.

Well Raging, the actual procedures and terms will be probably be different in your state, but in Texas its referred to as Third Party Financing (meaning you are getting a loan).

The eviction process can be expensive if you pay a lawyer, but you can save yourself a lot of money getting familiar with the process, the necessary documents and procedures to file.

As stated above, you do indeed need to protect yourself by understanding the procedures of sale.  

Okay, that's a little hyperbolic as I know it's not your "standard procedure".  

The 1031 exchange is a procedure that in essence is a sale of investment real estate followed by a purchase of real estate.

Also can you recommend some vetting procedures for screening the tenants?

They further agreed that if any of the principals reentered the business of lending that they would presubmit a written lending policy and procedure manual for government approval before making any loans as well as an automatic annual review of their lending operation, and lending compliance training for owners, of4icers, employees, and agents of the new lending entity.