Your realtor should be able to confirm or deny the above. 

Hello, I’m interested on getting some insight from anyone willingI currently live in Seattle and want to get into REI but the cost out here makes it tough to be able to get involved without capitalI read the out of state investing book and it got me interested in trying somewhere that I don’t have to burn up all my capital to get started1.

.- OP has not indicated they will involve HOA even though multiple replies suggest doing so.OP asks for advice, but seems to ignore it.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

. - which I suspect you're already inclined to do.You can also investigate various methods of pipe replacement / renewal that involve trenchless technologies, such as pipe lining, pipe bursting, or directional drilling.

Now the 9% doesn't seem to be a terrible deal, but then I calculated the risks involved.

Interesting how the best option for learning how to make a cake didn't involve spending lots of money on a cake making training course...  :-)

However, my future plans with REI involve transitioning my primary income from nursing to REI.

To meet material participation, you need to log at least 100 hours of work and do more than anyone else involved.

I have never taken his course, so can't speak to that, but on the surface of a couple Google searches, of the two he seems to actually be involved in real estate a lot more.