I'm not sure I would get to cute trying to squeeze every time out of it now with a lease that might cause you issues in the future, but the scenario you describe is common and probably smart. 

If you're in the LA area, it's definitely very common.

@Jason Sung Yes, this is common.

Hard money is pretty common.

It isn't like this a condominium where assessments are paying for common parts of the building like the roof, etc.Prior to this, I didn't have much experience serving on an HOA board and have therefore relied on the management company for their opinion on certain decisions. 

Budget overruns and unexpected delays seem to be a common theme in flips, so padding the budget by 20% makes a lot of sense.

We all have a common reason for being in the room or on the online call. 

Property owners in these areas can only advertise for monthly rentals and are not permitted to offer daily or weekly rentalsandIn March (2024): Florida lawmakers passed legislation granting the state more authority over short-term vacation rentals, potentially impacting local regulations. 

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. 

It is common for investors to bring in additional signers, often referred to as credit enhancement.