I guess to get a definite answer I'll have to cold call to get see if all these people are behind on their payment or it's just a standard practice behind some salesmen!

definitely need to have lawyer look at it.Risks/additional hurdles- On the practical side, the absence of deeded rights makes tenancy in common ownership considerably more risky than condominium ownership, even where the TIC owners have separate financing.

It’s standard practice and an essential safeguard for landlords.Trust your instincts and treat this as a non-negotiable policy.

I know Deed in Lieu is a common and normal practice.

I will not comment as to the tax laws and underlying rules - that is a discussion you can have with your tax advisor who presumably you are paying to help you.What I will do is provide practical and business guidance on tracking time.Firstly, there are apps available that can assist with time tracking where you can specifically detail your time, who you met with, etc.

I know a lot about the industry through my education, but have very little/no practical experience when it comes to managing investment properties. 

Drawing from my experience delivering over 550 investment properties, I can say with certainty that self-management isn't practical for most investors.

Much better as a short term acquisition strategy for flips IMO but always a high-risk strategy that should not be practiced by anyone who doesn't have the liquid capital to pay off the loan if needed.

We still don't need the capital, but may for primary home down payment in in the future (after the next relocation!).

A person who has spent his 2000 to 4000 minimum CPA practice hours doing foreign currency conversions at Deloitte for a Belgian energy company may not know the first thing about real estate or anything else.