Is this common?

The more common one I'm seeing is just pure speculation that the value will continue skyward in the future.

That is pretty common here from my experience. 

Your approach of setting up separate LLCs for each property under a holding company is a common strategy to limit liability and protect the equity of each property individually.

Additionally you can contribute 20-25% depending on the situation of what you pay yourself or the gp of the company which is commonly called profit sharing, which you don't have at your w-2 job and your w-2 job has no impact on this. 

If the deal is very fat due to our deal finding ability...we will bump up our fees.

It looks like we are on opposite sides of the country, but we still have a bit in common.

Run the common rent comps and compare that to your PITI and overall costs to analyze cash flow.

A common mistake is investors see the low price/doors in the midwest and don't truly understand the location.

I know Tesla has a pretty sweet setup, but they are usually set up in common areas not in each garage.