You should still expect to be bring down at least 20% down payment even with a value add situation if you are new to the game.

Given your situation, here are some considerations and potential steps:If you plan to convert your current residence into a single-family rental (SFR), you may want to explore refinancing options.

One with 90+ members is great because it affords the HOA a lot of economies of scale with vendors thereby keeping HOA fees lower.Review the HOA financials and make sure they have a substantial reserve that would cover a hail storm deductible and/or other storm damage.Read the Bylaws to make sure they're rentable and check the pet limitations.Check the common grounds for any big ticket items that may need replaced soon.

There is some form of communication that is missing from this situation. 

Wondering if this is something I can get into with little to no financial risk or if I should wait until I'm out of college and have more money.

You do not always have to go the attorney route it really depends on your situation and what you are trying to accomplish.   

I would only consider this if they can demonstrate they are a professional company with a long history (operating 5+ years would be my standard), and if they are willing to make it financially beneficial to you (higher rent rate, they handle maintenance, etc.).There are a lot of "businesses" that started recently that have no real experience, meaning they've only operated in a strong market.

I saw the growth in the area and knew it would be the stepping stone I needed for financial freedom.

It may be beneficial to consult with a contractor and real estate professional to assess the best option for your specific situation.

I would just recommend only partnering with people that you really trust and make sure that you have legal documents clearly explaining everyone's role, expectations, and contributions (both financial and work wise).