@Garrett Ayers another consideration is: how easy is this property to manage, what's the property's current cashflow, and how does that cashflow align with your lifestyle and your goals?

It’s sometimes a time suck but, we are able to handle so many problems from tenants, issues with vendors, etc… so quickly and it saves so much frustration on the tenants and owners side that it’s a necessary component of providing good service in my opinion.We also do all showings live with someone from our leasing Dept.

Had to get custom locks and learn how to do that since the locksmith wanted $1500 alone because of the odd dimensions and backsetDemoed the interior and single handedly filled two flat bed dumpsters, need atleast 1 more for the trash still present replaced the wood siding and framing for one of the balconies, will be laying down the epdm waterproofing this weekBought a few french doors from craigslist, which happened to be the exact size I neededinstalled a new cross beam section (old one was rotted and sagging) above the old 4 panel french doorsI also removed the stucco from most of the house and am putting up new plywood and homewrap on as much as I can, keeping in mind the bottom portions will need to be replaced due to the sill plate/foundation issuesReplacing the fascia as I come to it with PVC AzekI also have some tile, toilets, chandelier/lighting, and various other components I need but have not started to use yet.

Everyone is investing in real estate differently and the more opinions you get the more you'll figure out what you align with and what you don't.

The compensation bit is the one I have the biggest question on as to your point, I want to have interests aligned.

I don't know the areas in your options 1-4, but I would do whatever options align best with your lifestyle and cashflow goals. 

Make sure you have a good agent who are aligned with that goal and don't tell you a house has "good bones" when they don't know what the hell that means. 

@Kevin Parnella it is subjective and everyone has their own defination so make sure that your definition aligns with whoever you are talking to.

The additional interest should read as follows:Landlord Name, Street Address, City , State, Zip CodePlease provide a copy of the declarations page of your policy meeting the requirements listed above prior to moving in (or renewing your lease.)This is an important component of your lease and failure to maintain the required coverage will be considered a breach of the lease and is subject to any and all legal remedies.

The most critical component is reliable boots on the ground.