Definitely also resonate with finding and retaining good tenants - goal of RE is to be low headache not high :) A follow-up question then - is there any reason why investing in condo units is worse than investing in a full house?

You'll probably also find they required a retainer up front.

What we've heard to this point is that mixing real estate and family is often not a great idea unless the agreement in place is very very clear and ideally one person still retains 100% control while the others are passive investors only. 

So disputes rarely process without some legal aspect, you will need attorneys on retainer to dip toes in the commercial property space. 

Investors need to retain control of their properties even when a PM is engaged. 

If they feel you are slow to fix items they will tell others that you are slow to fix things yet want them to pay full rent.They will grow resentful that you (in their mind) are taking advantage of them by putting off repairs and padding your pocket.Tenants in apartment buildings or houses owned close by with the same investor talk.With a house this isn't as noticeable but with apartment buildings it is much more critical.It is imperative if you want to retain long term tenants to have a certain "hard but fair" reputation.

It's an underrated habit, but it sure helps retain all this information.

When I find the best I try to WOW them and retain them. 

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

If that is the case, I'll get all or most of my money out of the deal yet retain my position in it.