Fees should be clearly stated in writing, easy to understand, and justifiable.

I don't think you can justify charging the tenants unless you can identify neglect or abuse.

Since I do not trust Wall Street, I don't like any of the traditional options, but you may have some others.  2) If you buy, do the returns justify the expense? 

Is there any approach that anyone can recommend to justify continued investment in an area like this, where an actually good deal may only come along or be "made" every once in a blue moon, and if not, how do I convince my partner to expand her horizons?

Fees should be clearly stated in writing, easy to understand, and justifiable.

I am sure as people try various jazzy moves this will come in affect, as they will then have some justifiers for it to enforce the current existing order, there in avoiding any additional voting on such. 

High HOA fees aren’t worth cutting into your profit, unless justifiable….

This can be very expensive and is usually the worst choice to make because you can't justify the cost.2.

That is, assuming amenities and the desirableness of the area justify it. 

The numbers better justify holding said property or you sell and find a better deal.