You want to likely do these in bunches and work with a lender that'll cut off some of the BS fees. 

Contact the tenant, have a conversation about retaining a portion of the deposit (probably going to have to cut them a break), get them to agree, put it in writing for both parties to sign, and send them the remainder.

The irony is most investors who form LLC's do not operate them correctly, fail to obtain appropriate types or amounts of insurance coverage, fail to understand their coverage exclusions, take short cuts and don't obtain permits, use unlicensed and uninsured vendors,  fail to execute contracts with same vendors, don't understand the mechanism of additional insured status, indemnification etc. and are actually more prone to claims and conflict with their LLC than the individual who does not own real estate in an LLC but understands these tools I mentioned.

As we prepare to see rate cuts, what will happen?

if they are not cutting it as agents they certainly wont as wholesalers.. wholesaling is so much tougher and capital intensive.. wipe out rate for agents is what 70 to 80%  and wipe out rate for wholesalers is about 95%.. 

It's where I cut my teeth and tested all my knowledge and skills set.

You could sell and cut your losses but I would pursue the MTR more. 

@D KirkInspections are not a place to cut corners unless you  are very experienced and have all the tools.

Is there some sort of collection service where I give them all the information, they go after the tenants and just give me a cut of whatever they collect?

Economists note that job growth in typically underreported industries fell by 42,000 compared to the 6-month average, suggesting August’s numbers may understate actual gains.Key Employment GainsConstruction: +34,000 jobs, driven by heavy civil engineering and nonresidential trade contractors.Healthcare: +31,000 jobs, though slower than the past year's monthly average of 60,000.Social Assistance: +13,000 jobs, with more modest growth compared to previous months.Other growing sectors include financial activities, wholesale trade, and government (+24,000 jobs).Job Losses and Sector StrugglesManufacturing: -24,000 jobs.Retail: -11,100 jobs.Temporary help employment continues to shrink, reflecting business uncertainty.Wage and Fed Policy ImplicationsWages rose by 0.4% in August, up 3.8% year-over-year, supporting a cautious approach by the Federal Reserve on deeper rate cuts.