Noise and smells, hours of operation, and access issues are very common, and many commercial tenants have conflicting needs with residential.

@Garrett Brown Can you tell me what's a home run, and is it common for the lender to change prices like you've stated in this post?

I am located in FL and am not sure of the requirements necessary if we keep it as a single lot regarding forming an HOA, maintenance of the common grounds etc. 

Even small, common mistakes like renting below market, picking the wrong tenants, unwilling/unable to enforce lease terms, slow turnovers, or unscrupulous contractors can cost more than a good PM will charge, and that's before you account for your time and the stress.If you have the personality, I recommend self-management for anyone who lives within 1-2 hours of their investments.

And, as a Condo project everyone is sharing in the water bill by allocation of the HOA fee which should be increased if common area expenses have risen.

Buying a property for rental use with minimal down payment and manageable monthly payments is a common goal.

.), would a 50/50 profit sharing scenario be common/acceptable?

It's a very common concern that the other side of your transactions might try to take advantage of if they know you are doing a 1031 exchange. 

Quote from @Jagan Reddy: Cat urine is the most common destroyer of rentals.

@Sam Liu This is a common concern for people who are looking to do 1031's.