If you are not planning on holding the departing residence for a minimum of 8-12 years as a rental which still might not be long enough to take a hit to the equity that's there and recover it fully (if it takes such a hit), then sell now and redeploy the equity into your new house (if you are so inclined) or invest it into any number of principle protected low or no load investments that can return at least as much as it will likely earn as equity...with no risk of loss of principal.  

I know that we can handle a 24 unit, especially with the right PM company.

We used to be longer term hold guys but have recently started flipping everything.  

Just ask for the person who handles their foreclosure sales and what info you're looking for.

Our firm handles real estate contract formation.

@Elizabeth Martinez,  based on what I've read and listened to, for time efficiency like @Christian Kenworthy mentioned, advertising sounds like the route to go for general motivated sellers/high equity, not necessarily pre-foreclosures, and start small with volumes that you can handle in terms of incoming phone calls to screen, then put them on a schedule of repetition and follow up over several months.  

Renters ins. will cover the renters belongings with in the property if there is a break in, fire, storm etc.. 

In the Houston area, which I assume is like most major areas, there are companies that just handle short sells.  

A dual agency is when 1 broker handles the transaction directly or through 1 salesperson.  

Since in the case of the OP there was no broker for either side, then deposit money should have been put into escrow with a tile company (or other business that handles real estate settlements for that area).