of course I would need self control and force myself to not overspend. 

You should not pay 70k for ~$650 in rent ($850 - HOA).I don't personally like anything with HOAs because I don't have control over when they are raised and each time they are cuts into your monthly cash flow and (double whammy) puts downward pressure on the asset value.The HOA doesn't cover any insurance? 

Depending on the property configuration, I would take two different courses:  A) reconfigure the utilities - relocate hot water heater, shutoffs, etc. to be under your control or B) Negotiate with the adjoining owners to get a key. 

I would say that it's a good idea to be comfortable and in control of your finance/debts before moving into investment opportunities that are new or unfamiliar.

Don't take on a project that is out of your control and something that is difficult to budget for.

Any rent control?

I don't like DST's except in certain situations.The way they are constructed they are front loaded with fees and the passive investor doesn't control the exit.

You have no control.

Insurance, utilities, management fees, the cost to turn, how long it takes to turn, the cost to advertise, which ads work, foot traffic, closing ratios, trailing 12 months of operation, and then you need to know and have relationships with the top 3 controlling brokers in the market to find the best apartment stock within.Look, I am not trying to scare you here, but there are so many courses out there suggesting real estate is easy when, in truth, there is a lot to know.

Other than non recourse loans, looking for ways to get additional leverage from my SD IRA which I have checkbook control over through an LLC.