@Jason Sung Yes, this is common.

Is it common to purchase a home with other debt?

Do you think it's common for a tenant to sue for an amount greater than insurance can cover, then take your property or even your personal assets? 

Is it common for developers to use subsidies to cover 100% of the construction costs without needing to obtaining debt or raising equity?

Whereas if you and the other investors held ownership as TICs (Tenants in common) then you could sell your portion and do a 1031 of your portion while others did something else. 

Quote from @Anil Shah: Quote from @Derek Brickley: Pretty common, you can definitely use commission as down payment conventional loans and not have it count toward IPC as long as you're on the loan. 

It also addresses a common misconception.

The idea is to convert a multi-family building into condos; but not in the traditional sense where you separate pre-existing apartments into their own condos; but in a way where you combine the common areas of all of the apartments in that whole building, and turn the individual rooms within those apartments into condos themselves; thus transforming the hallways, kitchens, bathrooms, living rooms, dining rooms, porches, balconies into common areas of the condos. 

The fear of renting while out of town is common, but it's easy to overcome, especially when you have friends and a handyman.

I am a voice of common sense and help them come up with the best way to manage STRs.