There is a 'comp' listed for $200,000, but it was sold as-is and needed great repair.

That’s correct, a foreigner can buy property through a Mexican corporation, which is a great option for those investing in multiple properties or running a rental business.Key Points I'd like to add to your post:Setup Costs: $1,500–$3,000 USD.Ongoing Costs: $1,000–$2,000 USD/year for accounting and tax filings.Benefits: Allows tax deductions for expenses like maintenance, repairs, and management.Best for: Multiple properties or income-generating investments.For a single property for personal use, a fideicomiso is often simpler and more cost-effective due to its lower maintenance requirements and feesUltimately, choosing between a corporation and a fideicomiso comes down to your investment strategy.

Because real estate always goes up and the maintenance fairy takes care of all repairs free of charge.Seems like a recipe for disaster. 

2 are not cashflowing with the required expenses for vacancy at 10%, repairs at 10% and capital expenditures at 5%.

Just be careful buying in a C-D class area that needs repairs.

Truly Passive: No management, no tenants, no repairs, just consistent income.3.

The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. 

It's also rare you buy these properties with 20-25% and have NOTHING you need to address almost immediately in terms of repairs or capex. 

A broker shall not be responsible for supervising, nor shall the licensee be responsible for operating, within the scope of the brokerage or within the requirements of this chapter, activities that would be considered property management, including leasing, maintenance, and repair, so long as the real estate being managed is "individually owned" or "entity-owned" as defined below:(1) "individually owned" real estate is real property in which the licensee holds an ownership interest; and(2) "entity-owned" real estate is real property owned by a corporation, limited liability company, partnership, or trust, within which entity the licensee holds an ownership interest as an owner, trustee, partner, or officer, or in another beneficiary capacity.

The Property Manager usually does light cleaning and repairs between tenants.Recommendations or another way to think about this?