Depending on your stage of life, career needs, or local real estate market, a condo may be a good purchase. For those who travel, for those who don't want, or aren't up to, a lot of outside maintenance, for those downsizing, for those who want to live in city center, and depending on how much single family homes are in the area, condos may be a viable, or even preferable, alternative. Not all associations allow rentals. And, a lot of people do like homeowner associations for single family subdivisions as well.
The key is always to read up on what you're thinking about buying - check your city codes and local laws, check any association rules & regs, and, IMO, always have an attorney to explain what you may not be familiar with.
In Illinois, before the sale goes through, you have an opportunity, usually within 3 days of your initial offer, to go through your rules & regs, as well as have an inspection...assuming your offer was written correctly, you can withdraw your offer without penalty. But, again, the important thing is to know what you are doing before you jump in. I'm sure not one homeowner hasn't realized they neglected to check something before that first purchase, but sometimes the consequences can be tough to live with.