So, contacting the seller will be my next step.

If it got dragged out for 2+ years because of a BK or a defiant borrower who contested every step of the foreclosure process, would soon find yourself deep in interest debt.  

@Brook RiemanMy bad.Like @Jack Bobeck mentioned, the initial interest and principle will be spread like a regular 30 year note.The remainder of principle will be due at year 5.

My plan is to be an investor - I've read a lot on REI over the past year and am taking steps to getting licensed.

@Kathryn Stevens Initially I did neither - and quickly learned my lesson!

Thank you all for having me and thanks in advance for all of those who will give me some information on the next steps for me. 

Would it make sense to get a realtor involved even when I initially made contact with the homeowner?

This is because Texas requires landlords to take reasonable steps to keep their losses to a minimum—or to “mitigate damages” in legal terms. 

I also would like to know if there are any recommended lenders in the area with whom I can refinance the initial loan. 

As far as I know, series LLCs have never really been tested in court so it is still somewhat unclear on how they will hold up but the idea was that each would be completely separate.Important note: In Texas, you have to set up your LLC as a series when you do your initial filing.