How do you go about vetting inquiries to ensure it’s the kind of guest you’d want/allow?

They now use "Dave" to handle customer inquiries efficiently and promptly. 

We allow cats and most dog breeds except for the following:- any breeds/mixes known under common parlance as “Pit Bull”- Rottweiler- Doberman Pinscher- German Shepherd- Alaskan Malamute / Siberian Husky- Chow Chow- Presa Canario- Cane Corso- Mastiff- Great Dane- St.

However, there may be a commonly expected way of handling it in your area.

Utilities, including common area will also be different.

The mechanism would allow the property to be re-deeded to all of the LPs as tenants in common. 

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. 

Very common.

Is it common to purchase a home with other debt?

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.