I worked for a small firm in Constriction Engineering Products, Johnson Controls, that sold air and water control equipment to large apartment and commercial building contractors.

A lot of investors shy away from them because there are factors outside of your control and the HOA fees can kill a lot of deals. $500 in HOA fees is usually better spent on paying down a mortgage and saving for your own CapEx. 

The Creator Giveth The Creator Taketh no virus formed against us shall prosper  

A master lease allows you to gain limited control of a property for decades and sub-lease to tenants, then after 10-20 years walk away without ever having any intention of buying it. 

If you want to do smaller jobs like repairs, get to know agents, pest control people, etc.

If either or both of the deceased owners had a will, then the will controls who inherits the property.

These initial funds are the "seed" money injected in a deal just to acquire and control the property while you prepare your exit strategy which is usually either sell or BRRR.  

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.