However my attorney said that if the lender did not make attempts to collect for approx 10 years, it could be argued that they had abandoned the mortgage. 

@Brandon Diaz yes I did mean uncle -tax collecting-Sam.  

Now they collect $100K/year+ in truly passive income.those who had significantly less than $1M but bought 20+ SFH starting from 2009 when it was possible to buy these houses with little or no money down.

What are your recommendations for a company that has screening and management capabilities (specifically rent collection and income and expense reporting).

It is rent-collection, online work orders, etc.  

Now though, I've noticed they're collecting more money (e.g. 4% of purchase) vs. a flat fee (which is what I was charged) so make sure you check out all the fees for closing, etc. 

@Corey BallantyneIf you are planning to pool money from different investors to purchase real-estate, then you could form a company with 3-4 shareowners and have the company purchase the property - if you are dealing with residential properties you all owners will likely be asked to guarantee the financing.If you are looking to collect monies from a larger group, then you are essentially creating a fund (like a REIT) and should consult with a securities attorney to help you understand the process and costs before you launch yourself down that road.   

Evenings for us have been spent collecting the necessary forms for rentals and getting our ducks in a row.  

I'm a little worried about collecting $1100 on this one, but we'll see.

After reading through the listing agreement it says the previous broker would only be able to collect a fee in the following situation. " if the SELLER has entered into an exclusive agreement with another broker in good faith, in which case the BROKER shall be entitled to receive only the difference between the fee set forth herein and any lesser net fee paid to the other broker."