Consider your comfort level with managing several mortgages and the risk of vacancies vs a slower but potentially more rewarding path to ownership.

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.

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. 

Anyone have experience with Tripple E Reality or AMG Property Management?

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?

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

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

You can also call your property manager if you use a professional management company to see if their portfolio has anyone that recently purchased or currently owns properties in the area that are thinking about selling (just to help you rationalize your value better).