I haven't heard of any, but met with a few people in the twin cities last year.

Try to have a sit down meeting with the HOA board which may only be three people.  

You're running a business...the tenant does not 'inform' you when they will be paying their rent...they are contractually liable for paying at specific amount on a specific day. 

We both run our own businesses but we feel that real estate will help make sure we both maintain our life plans of not needed to work as much any more.

I also wouldn't touch hilltop with a 10' pole. struggled. old homes, over budget renovations, lots of issues. realtors push people here since it's the only place cheap houses close to downtown can be good but homes are 1900-1920.

I would check and see how many 1 bed and 2 bed options there are and what they are priced at because most folks will prefer the full place to themselves so rooming 2 people together could make getting bookings a bit more difficult (not always the case but something to consider)

I see why they say, never go into business with family.

Be prudent and cautious, but take calculated risks.REI meetups are a great place to meet like minded people and connect.

Quote from @Griffin Malcolm: Open an LLC and apply for a small business line of credit from Key Bank.

I personally do not touch equity in my own home to incorporate into my business.