Rent out whatever rooms you can in your primary residence and manage your roommates/tenants yourself.

I just bought a building with my sister where we are 50/50 partners but I am managing as it is in my location.

Tenant Management: What have you learned about managing tenants effectively while sharing the same property?

All are operated by management company.I hope that makes sense!

The monthly HOA covers: Association Management, Insurance, Maintenance Grounds, Sewer, Security, Taxes, Trash, and water.What next steps would you guys take to get a better idea about this deal?

Echoing more of the same - We manage 65+ units ranging from $80 a night to $2,000 a night we typically get negative reviews on a monthly if not weekly basis. 

I would like to know if you would advise such an investment which has to be managed mostly remotely.

i hear hostaway works good. i just manage my own on 2 OTA platforms. pretty much all is streamlined on there. just have to keep up responsiveness and price optimization. but you could always hire out to a co-host if that would be worth your time. 

Sourcing deals and bandwidth (managing multiple projects) becomes your problem.

When we perform a service call for a repair item, it is often shocking how many risk management items that we note on the way in and out.