I lost my dad suddenly and unexpectedly almost a year ago, so I wasn't able to gift it to him, but I am able to gift it to my mom, which is priceless to me.Thanks for sharing!

Risks, additional fees, or unexpected things, etc.What types of terms are more investor friendly?

Lets say I am sure I want it and something unexpected comes up during the due diligence process. 

Someone gets in an accident while drunk driving?

There is always a ramp up period with unexpected expenses and time required to build up reserves.

This is because most people don't want to live next to traffic noise mostly but also potential risks of accidents.  

The second would be to discount price based on expected cost; you control / oversee process but have risk of unexpected costs.Which way (if there is one) is common / recommended?

There is a lot of downside that can derail you our of your control- The experience and competency or the board and the management company- HOA fee increases YOY, unexpected assessments- Can have limitations on STR, LTR, ect.- The HOA fee which acts as a partial reserve for future CapEx is not something you take back with you when sell if unspent.- HOA finances: how well funded & managed.- The larger and longer established the HOA, the more stable it likely is.

But having 2 properties plus cash in your pocket each month is way more cool than 3 properties with no positive cash flow - and you on the hook for every unexpected expense.I'd recommend the slower growth option and echo what @Jay Williams. 

Initially, the desire to create this came from my mom having a car accident and thinking, "man, what would have happened if she was not able to get around".