Consider your comfort level with managing several mortgages and the risk of vacancies vs a slower but potentially more rewarding path to ownership.

Rent out whatever rooms you can in your primary residence and manage your roommates/tenants yourself.

Tenant Management: What have you learned about managing tenants effectively while sharing the same property?

All are operated by management company.I hope that makes sense!

The monthly HOA covers: Association Management, Insurance, Maintenance Grounds, Sewer, Security, Taxes, Trash, and water.What next steps would you guys take to get a better idea about this deal?

Echoing more of the same - We manage 65+ units ranging from $80 a night to $2,000 a night we typically get negative reviews on a monthly if not weekly basis. 

When we perform a service call for a repair item, it is often shocking how many risk management items that we note on the way in and out.

i hear hostaway works good. i just manage my own on 2 OTA platforms. pretty much all is streamlined on there. just have to keep up responsiveness and price optimization. but you could always hire out to a co-host if that would be worth your time. 

Other smaller areas in Texas can work as well.Do you mean turnkey meaning all-in-one so the turnkey company handles property management, tenant leasing, etc?

Sourcing deals and bandwidth (managing multiple projects) becomes your problem.