All investment is, by definition, risky. I've sold a bunch of condos, done a little development, and own one - I don't see them as especially risky, but I do think I have a decent idea of what to look for when evaluating them. But, you never really know what you don't know, right?
Most people, in my view, will have better success if they give up some control. You drive around, you see how well people maintain houses - mossy roofs, cracked driveways, downspouts detached - you don't see that so much with condos. A little bit, but not as much. So maybe giving up some control is a good thing, some times.
The future is uncertain. And where there is risk, there may be the potential for real reward.
All the best,