In the end you just have to ask yourself if you have the time to manage it or manage your peacemealed portions and then you also have to factor how effectively you'll be able to manage it and if you'll be able to 'safeguard' the property properly from a distance.

Point out the safeguards for them and aspects of servicing the loan by a professional. 

The fact that the name of this OP is what it is, clearly just got you and the other guys who believe in it, a little sensitive.

Like all things investing (and perhaps in life) diversification is prudent and safeguards from pitfalls, so in my personal investing when the portfolio gets a little too heavy in old properties with high CapEx liabilities I look to sprinkle in some new properties with low CapEx liabilities.   

They are sensitive to credit.

Definately a sensitive environment.

Account Closed A point I hadn't read being made is that it is not an A-or-B option of agent or no agent, there are more forms of agency a person can utilize such as a facilitator agreement so that in the transaction it's a safeguard all legal contracts are being correctly utilized to effect a legal, known transaction vs some sneaky terms snuck in or more commonly, important legal measures left out that come back to bite a person in the end.

A partnership is fine at the start, However, You will really need to call the Texas Secretary of State and verify for yourself, Do not gamble on the Info you get on the internet,  Secondly, You need to safe guard your personal assets, Meaning you need to be at least an LLC, just in case things do not work out, If you are an LLC, and you have financial problems at any point, The LLC will protect you. 

Deal is time sensitive.

I would be passive as much as possible and then a string of problems make me sensitive to all that is happening.  4 evictions in 3 years is pretty high and in some cases clearly due to poor tenant selection.