Are there any potential risks or downsides I should keep in mind before proceeding?

Here's a video with some tips, but I recommend you watch several videos, read some blogs, and educate yourself on what to look for in a brokerage:

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?

At the sale, some people, who it must be presumed did not look at the property and there were several bidders. 

She is exposing you to risk just as she would be if she breeding fight dogs or making meth.

Legal Implications and RisksThere are a few legal and procedural risks to be aware of:Title and Zoning Issues: Confirm there are no restrictions tied to the property.

Buying OOS just adds several layers of risk for most people and most places. 

Once they are leased, then you can take over from there.There are several software options if you want to self manage.

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.

I say "may" because while I have read about this in several places, I have not personally verified this to be true.I usually pay contractors by check the minute the work is finished and approved.