Some updates could raise rents- adding a communal laundry, adding separate heating units (currently all on the same heat with no individual unit control), etc.

I just dont want to give a lockbox code that I cant control who will go and when, and has access anytime, any day after I give it out.

Ask if they'll sell so you can gain control of it, fix it up and eliminate the threat/issue.

If they have money, they might buy to have control of the area.

@Miguel GarciaDisqualified parties who your IRA may not transact with include lineal family, so you, spouse, parents, grandparents, children, grandchildren or an entity controlled by those family members.Other family members may be OK for the IRA to transact with, so long as you are not creating any kind of indirect benefit to someone who is disqualified.

Do they (Florida government) have price control, property inspection, etc.?

There is a lot of opportunity as taxes are favorable and pricing isn't out of control (yet) You have to be careful which section you invest in though as the area is still fairly depressed.

You want to be in control of your rental unit (which is essentially a business) and investing in a property with an HOA is a huge risk since you are no longer in control.

Getting into a deal with low equity, basing it on appreciation is highly speculative and is precisely what caused the 2008 crash, or at least was a factor.

The markets control rents and property prices but you must only make offers on a property that will produce cash flow regardless of the market.