From my research, it seems that the best way is to ensure the end buyer's funds are at title in escrow (with the clear to close) before you approve the release of your funds.

Your potential buyer suggesting you terminate the contract and them paying you a fee does sounds fishy to me.

But some believe condos are riskier due to potential mismanagement of the community by the HOA.As an out of state buyer seeking a low risk/maintenance LTR, are there any glaring downsides to buying and renting out a condo? 

These are high quality properties that require very little or no deferred maintenance for the Buyers.  

It's just you have to prove the value of said brand to a buyer.

By 2030, we want to have grown a portfolio of over 100 units, created a property management company that manages an additional 100-200 units, and, finally (and most importantly), we will have established a non-profit that is focused on quality, affordable housing that specializes in providing housing and resources at/on the "services cliff" alongside financial counseling and first-time home buyer education in our target area.Our target area is the Springfield, MA and Hartford, CT areas with dreams to expand to Central Massachusetts (Worcester, MA), Southern New Hampshire (Nashua, NH), and Southern Connecticut (New Haven, CT).Would love to meet up with likeminded individuals in our area!

They get a faster and easier sale because buyers can imagine higher future rents.

Our project management kept everything on schedule, making the property highly attractive to buyers.

Regarding the loan, yes, I am considering using an FHA loan since I think it’s a great option for a first-time buyer like me.As for a brand-new triplex, I hadn’t thought about that yet, but it’s definitely something I’ll explore.

First time buyer looking to purchase a multi-family as an investment property.