We must manage Tenants, Contractors, Architects, Engineers, Vendors & Suppliers and even to a certain degree Property Owners... at least to help them maintain realistic expectations in full view of ever changing market conditions.We charge a % of rental income that is competitive in our area and we do charge a nominal Leasing Fee that is a flat charge but works out to be approx. 1/4 - 1/3 of typical first months rent in our area. 

If someone making $100,000 a yr inherits a million dollar property, even if it were fully paid off, he won't be able to maintain it.

It sounds like you also could wholesale it to another flipper as well for another exit strategy...My gut reaction when I saw this property was,  I wonder why it has not been maintained and taken care of.

The missing rail case I'm pretty sure is negligence (landlord duty to maintain property up to code) and at fault, especially if notified about the issue - insurance will not cover in this cases (more than that, I think they will look, maybe even help, to blame the insured in order to deny the insurance claim - in other words, I don't think their first priority is to help you, but to find reasons to deny the claim).

It needs to maintain its own books.

That said, homes tend to keep their value so long as they are maintained, they are not disposable like a car. 

On each property, the insurance I maintain is what the insurance company has quoted me for replacement value.

@Matthew Powell I suggest that you find a farm area where the deals are spend sometime in the local community, make contacts out there with local Real Estate Investors that can help you get the lay of the land like @Alex Price said In addition you may want to consider finding an Investor friendly Realtor there who will be a great resource for local professionals that can help you to manage, maintain and secure the property.

I paid my dues and maintained the property.

You would be inherently and inseparably be mixing personal involvement with whatever business fiction you are trying to maintain so I can’t conceive of how this would hold up in court if an action was brought against you