There is not much I can do, I am not the parent of the tenants, and no control over the neighbors. 

And when the music stops it’s usually crickets, as many LPs are embarrassed to admit the losses and the syndicators prefer a hush hush environment (which is why some LPs don’t want to name them.)Personally I have always found syndications too risky, especially given that I have zero control, other than reading their disclosures and trusting in their accuracy.

The risk is that it doesn't appreciate - you have no control over that.

this is somewhat true. depending on the size of the "skeleton". what we found from being in renovations for 8 years and new construction for the last 5 years nationally is that what actually makes the money is design, entitlement, land acquisition, etc. you can pull every lever in new construction. it's more active and you have all the control. if you don't make money it's your own fault. talk to any lender who looks at deals they would agree. banks prefer ground up at the regional level who see deals than existing renovations.

Always be in control of your property. 

Next,3 separate thermostats is a good sign, but you need to ask the inspector how the thermostats are controlling the HVAC.

I obviously would want to have control over the property and maybe a pre-determined purchase price?

It's possible that the company that owns a bunch of the units retained the right to control the the HOA until they are done selling.Simplest answer is to ask the seller who controls the HOA and if not the individual owners, when will it be turned over to them? 

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

Also, dealerships prefer NNN leases because it gives them control over the property while freeing the owner from many responsibilities.Crush it!