I am happy to hop on a call to share more of my local expertise and if you're still looking for professional property management, I can talk to you more about that.

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.

A property manager’s expertise in handling maintenance issues, dealing with tenant concerns, ensuring legal compliance, and keeping vacancy rates low can make a huge difference in the financial performance and sustainability of a property.

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

In the meantime, I would like to gain experience through employment with an existing real estate or property management company.Is there anyone out there that can provide me with some good advice/guidance as to the best and most practical route to achieve that goal?

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!

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

While the forums here may be helpful, those forums are private and specifically for LPs of any syndication deal, that niche group may have more expertise for you in this situation. 

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

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!