Because of the location/rental market (and to leave open for parents to retire at residence in 4-5 yrs) we had planned to start this condo as our first rental property.

My parents used to buy on seller financing, but that's when interest rates were much higher, so the advantage was getting a lower interest rate.

This should be a tax-exempt quitclaim deed transfer in most states since the Grantor (me) is still 100% in control of the property and has the power to revoke the land trust.3.

@Jacob Huston If you create an LLC, you need to give the investor some control and voting power.  

I am partnering up with my parents on this first one.

@Anthony Middleton  You have three problems over which you have absolutely no control I'm afraid.

., can they / are they likely to force through a special assessment that will apply to all owners, through the HOA board that I'm sure they'll control?

Parents home.

I have been doing this for 20 years and honestly to say you can raise rents ~110% a whole year from now where things are happening at lightning speed, most of which we have zero control over seems a bit idealistic to me. 

And your parents should get renters insurance to cover their belongings.