The challenge with S8 in this scenario is you always have a piano over your head and all a tenant has to do is call the code office to create an issue for you. 

Holding is currently challenging. 

Challenges?

I think OOS investing without a property mgr is going to be challenging even though it is a cost.

It’s always fun to hear what challenges new investors tackle.

. $7k sounds more reasonable but I think setting 5 to 10 years for you and your sister to reach Financial Independence and quit W2 job (assuming you also have W2 job unless you own a business or are a real estate agent) is really challenging.

Today we have 540 units in a few states and things are not without challenges. 

I have considered doing a TIC/coop in San Dego but have the belief, without any data except for how I would value the financing challenges and tic risks, as being much greater than 10% price difference from condo price.  

Most traditional property managers don’t handle this setup due to challenges like managing tenant disputes, coordinating overlapping move-ins/outs, and the risk of Fair Housing violations when selecting tenants.

It sounds like you navigated the challenges well and gained valuable lessons for your next venture.