They are the fantastic partners that I love working with in real estate!

of course I would need self control and force myself to not overspend. 

You should not pay 70k for ~$650 in rent ($850 - HOA).I don't personally like anything with HOAs because I don't have control over when they are raised and each time they are cuts into your monthly cash flow and (double whammy) puts downward pressure on the asset value.The HOA doesn't cover any insurance? 

Depending on the property configuration, I would take two different courses:  A) reconfigure the utilities - relocate hot water heater, shutoffs, etc. to be under your control or B) Negotiate with the adjoining owners to get a key. 

These are a fantastic way to connect and surround yourself with like-minded individuals.

Fantastic to hear!

I would say that it's a good idea to be comfortable and in control of your finance/debts before moving into investment opportunities that are new or unfamiliar.

Don't take on a project that is out of your control and something that is difficult to budget for.

Any rent control?

I don't like DST's except in certain situations.The way they are constructed they are front loaded with fees and the passive investor doesn't control the exit.