The biggest problem with this business is that no one wants to operate it on a professional business level.

The only way to avoid losing your money is 1. not invest it, or 2. only invest it from dealing in a good entrepreneurial manner, eliminating and managing risks to an acceptable level.

Begin thinking:  As an owner, I have the right to rent, sell, paint, abuse and even burn any thing I own (yeah,  property would need to be owned free and clear).if I own it, I can manage it.Any law contrary would be an abuse of common sense and we might see another Tea Party :grin::Thinking no longer required{ yes, that's snide, satirical & couldn't resist :sigh: }

Offenses have to be much more egregious than this for different levels of government to get involved.Good luck.  

I enjoy doing a lot of the work myself and want to take my investing to another level.

Especially one where the house needs a lot of repair...Mailing to a blanket list of absentee owners seems like a waste of time/money because you are mailing to a lot of houses that may be in good shape and could be sold on a retail level. 

Mohawk makes an entry level one.

I'm assuming this does what you want, at least on a very basic level.

You're talking straight up "C" level working class neighborhood at that price range.  

And you are not giving credit for the fact that an agent can negotiate down commissions or that excess contributions are commissioned at a lower level.