Specifically, I’d love to hear about best practices for managing shared spaces, screening tenants, and setting up house rules.Additionally, I plan to split the utilities among the tenants—any advice on how to handle this efficiently would be greatly appreciated!

This thread shows there is a need for a larger guided discussion on best practices as it relates to (renters) insurance.

I would keep the brokerage account and focus on the tried-and-true practice of saving up for a new investment.

The theory is spot on, in practice however that logic rarely plays out - at least in recent years where multifamily has been crazy.

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

@Cody Baum - Can you become an investor focused agent and get practice in real estate without it being your own money? 

If you have multiple LLCs, best practice would be having a Plus subscription.  

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!

Make it your business practice to post the notice to pay or quit precisely on the day after the grace period ends, every time.

Issue is, in these "bad" deals the government comes after the lease option seller for predatory lending practices and the eviction / foreclosure process is a nightmare.