Not to scare/worry you but due diligence is required... 

And some inspectors balk at using the money for things not necessary for health and safety.

I'm nervous about potentially renting out a house that could be a health hazard for a family.

In some cases a job or health loss will create another delay.

None of this is to scare you off however. :)Hope this insight helps.

The insurance company will scare you into taking out more coverage than you need .

You should probably have 5% in there as a default if you don't know what is common in the area.There are some things to make sure of when investing in a condo1) Are rentals allowed.2) read the reserve study carefully.3) read the bylaws to make sure there's nothing weird in there.Main thing though is that the health of the HOA has a MASSIVE impact on the value of the property.

Builders of homes during this time period are know to have used asbestos and asbestos containing products which are known to create certain health risks, including mesothelioma, asbestosis, and various other health issues, including cancer.

My age doesn’t scare me as I’m in better shape than I was in my 20s.

This is not to scare you, it's to prepare you!