But that is not something I can control.

I do not want to have anyone with more than 50% ownership and control of the entire property.

You are not in 100% control of the investment as you must deal with the association as well as other owners. 

Also, your loan servicing may switch institutions which brings upon uncertainties that are generally beyond your control with the new institution (anyone remember the wells fargo home loan fiasco?). 

I feel like real estate is more reliable and we have more control.

Issue is 2nd floor tenant can not control the heat considering thermostat is on first floor lol

Yes i saw quite a few MF in LA that already had renters occupying them at low rents and I was worried about how to handle that with all the rent control in the LA area so good point.

The rent is below market and we have rent control!

Well the obvious answers are:1 - Change your plan (not your goals)2 - Next plan, don't include (as in depend on) the Stock Market.You chased a shiny object of distraction (SM), where your returns are based on decisions and future events impacted by those decisions (and don't blame the decision makers), that you have no control over.Just start smaller with REI and work your way up...in control. 

The property I am looking at is one bed one bath patio home located in class B neighborhood in northern Alabama. according to rentometer, the rent average about $850 monthly. the property tax is about $1100 annually, and HOA fee is $80/monthly that covers lawn and pest control, garbage, and pool access.