If possible, in the future I would try to obtain a copy of a standard Condo questionnaire from the HOA prior to the mortgage application process and ask your lender to review it in advance in order to mitigate some of the time and costs risks associated.

Looking for a turn around scanrio is an ego pleaser, makes for a great story if it works, but high risk it will never pan out the way you thought.

From day one I treated my involvement in real estate as a real business.This means, I had an advertising budget, a lead generating and follow up process, a back end process and money source and above all an experienced mentor.  

However, it is a potential nightmare for your parents since they are taking a risk. 

I do not have many resources, but I am comfortable taking some risk and relying on my intelligence and research.

If they fail to comply, you may need to involve legal counsel or contact your state’s real estate commission.Hire a Reliable Manager: Finding a professional, responsive property manager is key.

It was a pretty annoying process and I'm not sure if its actually worth it, but my husband is risk-averse so here we are.

When you mentioned selling and other investors being involved.

But I see a valid concern here as an investor and if that is a risk you don't want to take I think that is valid.  

Despite the fact that the market has dropped significantly both in rent and price, I still think the market should be considered high risk/high reward.