And some would consider pest control as part of it. 

So ultimately I need to be half owner of the property, and have the controlling stake/decision making power for the entire project. 

This is one element that can be great we controlled with rental real estate, provided you purchase properly and intelligently.DO NOT get seduced by the low purchase prices of $30,000-$50,000.

This is our first attempt at picking up a commercial property so we want to make sure we give ourselves the best opportunity to take control of the property. 

They pay $300K for a 3bed where they are and rent for $2200/mo, we pay $65K for a quality B class property and rent for $850-995 with rehab complete and management in place to make it hands off and as easy as buying a mutual fund, with far better control and performance.  

It's hard to find something that makes sens in a rent control areas, your are very limited with your options.

I'm essentially giving up control about the timing of CapEx expenses to the HOA which can be a pain.

I've never heard of any seller, bank or otherwise, having control of what you do with the property after closing.

We value quality over quantity and working with owners/investors who “get it” and are open to our input and control in order to help them succeed as we are VR owners/operators ourselves.- residential sales/buyers agent for out of state visitors who may transition into snowbirds and/or 2nd home investment propertiesWe’ve already spoken to attorneys and it seems we have “very good questions”.

From your post, it sounds like you'd prefer a ready-made neighborhood; this will likely offer you less capital appreciation, but you'll enjoy life more.Another consideration is having control over your destiny.