IMO, SFR win hands down - - the HOA is an unknown and can turn on a dime to spoil your investment.  

I like the idea of getting experience / mistakes on someone else's dime and learning great systems that have already been established by a larger firm.

If the owner agrees, get it in writing then have it amended to the contract before spending your first dime on the process. 

Which is-The condition of the property does not matter at the time of inspection, it only matters before you close on it.When you buy truly turnkey, you don't have a dime in the game until you close on it.

Here are some details about these houses and later on, I will outline the over-all plan to buy all 20+ houses with me putting up NOT A SINGLE DIME of my own money in the deal.

Hey, this house is alright, but this part of town has so many ordinances that you'll be nickel and dimed to death. 

Go easy on yourself- you may trip over a dime to try to save a penny, you may overpay for a part of the project... but you are learning.

@Tom Camarda Upside condos here are a dime a gross.  

he has $10k to invest.i can rehab on a dime, and bring a lot of value with minimal cost.

Great point, to be clear, this is an atypical deal...I don't care to make a dime, this is one I've taken on to help a friend.