If they do, then how to they prioritize filling vacancies (affecting repairs, etc) between their own properties and those of their clients?

Are the seller and title company major players in your market or something?  

This is usually called "Forwarding" and is found under most control panel/manager areas of the major players such as GoDaddy.com.

There are three types of pre MLS sales that I have seen or participated in.1.There are commercial buildings and bulk packages sold before they hit the MLS (from your posts you are not playing at that level). 2.Sometimes local banks that I do business with will have something come back and will let all the local players know about it and you write sub 2 the bank taking it back.

@Andy M. unfortunately this is one of the disadvantage when third party is involved :-( And sadly APS is not the only company which misappropriated the funds, see this article in The Wall Street Journal about major players Equity Trust and Entrust being sued:http://online.wsj.com/news/articles/SB100014240527...Self-directed IRA LLC will eliminate this problem because custodian no longer holding assets/funds of the IRA, but instead you as the manager of the LLC (owned by your IRA) control it.But there is even better option: self-directed, trustee managed Solo 401k plan.

Those that take the guru road as if they are giving legal advice are really shadow players, they may give you some loophole opinion but it's not necessarily legal advice.

Need more information on the players, seller, builder, other builders.

That being said, I think all the tricks in the world won't do you any good unless the tenants know to prioritize paying rent first.  

See this webinar on exemptions from an Attorney re: SAFE Act and Dodd Frank.http://link.brightcove.com/services/player/bcpid893733169001?

Lots of players there and always some newbies looking to learn.