Also be sure to ask for prepayment penalties (there should be none), fund control fees, and any other fees associate with the loan (besides points).

And after the recent rent control that passed in Minneapolis and Saint Paul many investors are panicking.

Take control of the property, turn it around, charge the tenant for cleaning, repairs, and unpaid charges, and find the next renter.

Unless you can somehow get control of the HOA I would pass.  

You can receive rent, pay the bills (only if your IRA has "checkbook control") and hire contractors to do everything else. 

I need to be protected from a government that wants to control my life, my health care, my education, etc...

In REI, macro-socio-economic factors may be interesting but, ultimately, they're beyond the control of the individual investor and largely unpredictable.

It was also hard to control.

Strong or weak markets overall may affect interest rates but I don't control them.

Personally I wouldn't do it.I want to control the area I am investing in to preserve values as much as possible.I have seen many landlords and the range of how each works is mind boggling.Some are slum lords and know it,some do an okay job but think they are the best thing since sliced bread,and then a few actually keep up their properties really well.I would buy the whole building or no dice.The 2 unit you are looking to buy you could contact the landlord next door and see if they want to sell.