The reverse mortgage company wants buyout and I dont have over 200k to pay out.

Boostly is a great company and the founder is a great guy!

It will take time.3) Property management companies, chamber of commerce meetings, local commercial RE brokers, etc are all additional options to network and find people who do deals.

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

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

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.

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?

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!

Regarding contractors, I've found that the best way to find a contractor is to go through a property management company. 

With where you are at currently, I would recommend a regular tax prep agent from a company like H&R block.