You don't want to sound too formal but you want to sound pleasant.Then you can transition to asking them about the property condition.

did you record a mortgage or is it and unsecured note.if you filed a mortgage then you start a formal foreclosure. if its an unsecrued note then you have to Sue on the notewhich entails hiring and attorney and filing suit. question is     is there enough at risk to throw more money at it and what are your chances of collecting if you get said judgement.If your a first position mortgage you will get something. 

If there are no formal disclosures and things go sideways, the Judge will consider the investor a fraudster and that is something you don't want!

So why waste my time or their money having them formally apply or go any further in the application process?

I have not formally started working with an agent but based on my searches on Zillow and similar sites it seems that the Austin market has really started to come down compared to prices say 2 years ago or so.

Each commercial deal is underwritten mainly on the property where residential is underwritten on the borrower.The net effect is each commercial deal is basically unique and therefore not really such thing as a formal "pre-approval".   

My reasoning is I am new to wholesaling and I don't have a formal 'mentor', so I figured if I can leverage off an experienced realtor who is also an investor, it might be a good idea.2) Now can I work a similar deal with other realtors in the area, or I should stick with one?

The fact that they are in my possession is a technicality that I have to deal with formally in order to take true possession....reimbursement for documented damages etc.  

Or would you recommend online research and organizing formal house viewings first? 

This ordinance, like the Portsmouth ordinance, was struck down for two reasons: (1) there were criminal sanctions for persons who failed to allow the inspections; and (2) the ordinance did not provide for an administrative warrant that assured that there was a judicial determination that probable cause existed to issue the warrant.