Each strategy may demand the use of a few different metrics (cashflow, cash on cash, cap), but generally speaking there's a pretty short list of metrics that are used to perform a basic analysis of most residential properties, whether it's a SFR or a 250 unit apartment community.  

Assuming that’s a performing $35K note you have 80% chance it will pay off early.

Your description doesn't sound like a place that needs a full time manager so unless they are performing other services that cost is way out of line and I find it hard to believe an association can remain solvent giving up 33% to a pm. 8% for reserves is actually pretty low in most cases.

Passco by their As investors in Passco's "The Shelby" DST we are VERY unhappy with the return on the investment and the excuses for this performance.

As such, it really depends on the individual investor and the specific market they are operating in as to what strategy will perform the best.

I would recommend Brandon Turner's book "Investing in Real Estate With No and Low Money Down" Your biggest tasks right now need to be to learn as much as you can through research, reading, networking, bigger pockets, etc  and getting your personal finances in line in order to be able to start saving for a down payment.

Do they perform property inspections?

I would like to approach whoever holds the note asking them to assign the note to me for say 15K. the note is non performing at this point.

That's a tough task in any market let alone one that is as fast as this one.One thing you  may want to do is simply buy 4 or fewer properties but pay cash for 1 or 2 of them and use leverage for the others to satisfy your exchange.  

I can pay by doing boring administrative tasks you may not want to do or something like that.