Or, in the alternative, is it wiser to use an accountant in the area in which the properties are located? 

We have been reading post after post for the past two years from (1) members who are fed up with the market (2) members who are having a hard time starting in a hot market and (3) members who have highly appreciated properties but don't have an alternative investment option if they were to sell or exchange.Deal flow is king in this market and you have to (1) put hundreds of deals through the funnel via marketing and networking or (2) you have to invest with someone who has it.I made a decision two years ago to do more of the latter...to start heavily vetting passive opportunities with experienced sponsors who have mature deal flow pipelines (i.e. deep broker relationships, industry leaders, full time staff dedicated to deal flow, consistent off-market properties)...while still casually vetting direct owned opportunities. 

I would connect with some wholesalers in the area.Also, there are some alternative ways to invest in Real estate for a big return.. for example, there is a desperate need for corporate rentals (furnished short-medium term leases) that pay 3 times per month what a traditional lease would demand.

My options that I know of are: #1: Repair the foundation, rehab the house, & sell it to a normal buyer for a good price, #2: Repair the foundation, rehab the house, and rent it out for a good price, and #3: Sell the house as is to an investor with alternate financing. 

Does anyone have views on why this may be a better/cheaper alternative to working with real estate agents?

What is the alternative?

Alternatively, you could have a train wreck and do okay if the comps work to your favor. 

Plus, calculate the alternative losses, as you could always put this money into stock market or buy another property in the meantime.

There are several IRA based vehicles that would not be impacted by the presence of employees and would provide great flexibility for alternative asset investing.

I'd suggest that you work with a list broker to get some list alternatives for your area.