If you don't have in house management at your brokerage, there are third party managers here in town that would be happy to act as a resource for you, with the hope that you would occasionally refer clients their way.

I had a friend do that in college w/ his parents and they made BANK, although they bought in 11 sold in 15 so there ya go, and the house was a sh*t hole half the time due to parties hahaha. 

I'm ready to hit Drai's pool party as soon as it opens! 

Now, AFTER the sale, if it doesn't go through sale by a third party, and reverts back to the lender as REO, you'd deal with the bank but again, not directly.

Please helpIf it's a lender I've never met with, don't know and can't verify through another party I'd proceed as follows:  I would have a 3rd party, either an attorney or a title company act as the go-between myself and the lender.  

After telling a few friends and relatives in the local area that I would be interested in selling the house I heard back from one prospective buyer who is interested in the house to fix up--it needs about $2k of work to get it up to a decent level--and then sell or rent-to-own to an interested party. 

The gain from such a sale would be treated the same as the gain from an arms-length sale of the real estate to a third party.

I met a new friend at a Christmas party.

With this deal as it was seller financing we chose not to have a full appraisal done, though we did get a third party realtor to do a Broker Price Opinion for us. 

Then you would find your new property and your qualified intermediary actually uses your exchange proceeds to take title to the new property in a 3rd party entity called the exchange accommodating title holder (EAT).