It is not uncommon to find monthly fees have been intentionally kept at a low level, while Reserves are not properly funded to enable the major repair or replacement when due, without an "unexpected" Special Assessment.

If you proceed be sure you have accurate cap ex numbers plus cash reserves so you can deal with any problems that crop up and I suspect there will be some unexpected negative issue arise. 

Relationships that were found on accident?

This puts you in a much better financial position when unexpected expenses come up. 

If it sounds too good to be true, it not only will scare off investors who know what they are doing (and tend to have deeper pockets), it might set you up for failure, if something unexpected happens and you can't perform.  

If you are only cashflowing a couple of thousand a year, one significant unexpected expense can put you in the red. 

You will always find something unexpected in a renovation or build, driving up your renovation and holding costs.

I still believe that RE is the way to go...stock market is down and you are not assured if you'll get more profits in the coming years.business is also not so good during these years, as i have observed, more and more businesses are losing because of high costs of material and labor.RE - the value of the land will never depreciate, not unless it is beside a body of water which can be submerged by turbulent and unexpected events, which is likely not to take place. :)So from the three investment said, I'd still say that it's the Real Estate investment is the best option.

 @Nathan Gesner is right, you always have to have money for the unexpected and even the expected things that happen.

He left a sink faucet open by accident and by chance the tenant had dishes in there, blocking the drain.