I hate to replace the key without charging the prospective tenant so I am looking for ways where the interested party makes a small $10-15 refundable deposit before getting the key. 

Late to the party, but out of the cities you listed, your best bet is more than likely San Antonio, TX.

We don't really have anything to do except work on lead generation, and the best part is that all of our prospects have nothing better to do than open our direct mail from the campaigns we've launched.

Unless I have a property that real estate brokers are uninterested or unable to market, I just don’t see why I’d want to tie it up with a third party where I have no input into the marketing of the property and where I’m at the mercy of an unlicensed individual with no accountability for his actions.

The Fund as to be a third party transaction - similar to a IRA plan. 

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.