These are the HOAs that collect ~$100 per year to maintain minimal common areas such as neighborhood entrance landscaping.   

Of course I’ll treat the tenants great and fairly, but it still has me nervous.

At least try to cover your cost (time and money) to maintain it. 

Until then I would maintain 10% each for Maintenance and CapEx.  

Mere co-ownership of property that is maintained and leased or rented is not a partnership.

Anyway 4-6% interest only would give me a healthy cashflow, range of 33% to 24% COC with no value added, just maintaining.

Ask when these systems were replaced or last maintained.

I wonder though if anyone has any advice on how to get into rental properties and make it fair for all parties involved. 

There was a fair amount of gang activity there which caused quite a bit of trouble for a lot of the developers there initially but once they started hiring a lot of them and getting them off the streets, the resistance has improved a fair amount.

I make fairly good money for the work I am doing but it is getting harder to save money as the price of everything keeps rising in the bay area.