If I wanted to be more involved I may have considered starting a real estate biz like wholesaling, flipping, property management, etc.So, I would first determine how much time you want to 'invest' along side that $200k. 

If either of them were to stay involved, it could cost you money and you would collect less.Send it to collections yourself.

Due to personal faith based reason, I prefer to only invest in all cash deals that don't involve traditional financing (so typical passive RE options like syndications, RE funds with fixed returns, REITs etc are not a viable option for me).

True off market deals are ones that you find yourself, direct from the seller without a wholesaler or any other middle person involved. 

I agree with Chris, why get a third party involved. 

At least until you have done your due diligence to understand the steps of being a landlord.Of course they want the address...They always want to see the property before being "prequalified"...There is salesmanship involved with finding a good tenant.

No transfer tax should be involved (see Garn/StGermain) as opposed to an LLC transfer. 

It is a rare off-market property that does not involve work and/or have risk items.  

But from what I’ve seen the general price level of notes for sale is way too high for the risk involved.  

From there, talk to the involved parties.