@Albert Johnson We evict one or two people a year in Arizona for various reasons, the most common being non-payment.

I grew up ridiculously poor, virtually everyone I knew were renters, and they all had the same things in common - a series of poor life choices and ignored opportunities that kept them renters.

This is actually the more common situation, in my experience.After signing but before the deed was recorded, the seller got scared that the buyer was a fraud, was not going to pay the mortgage and was simply going to rip the rents (as @Jay Hinrichs likes to say) and torpedoed his own deal by alerting the lender of the transfer!

The new owner has since failed to pay utility bills in one of the two building, causing it be condemned.

I'm currently allowing tenants to use their own lawnchairs in common areas.

Is this common practice or does it at least seem possible?

There are many tax strategies.Structuring operations with a holdings and management company is a common strategy among real estate investors.

This Is a common concern for people doing a 1031 exchange.

You use the funds of others to fund the deal, you do the work with rehabbing, renting, and managing side of the deal and both you and the initial investor whom invested their funds split the profits 50/50.This is one common way it is done for fix and flip.

In my market, STR with pm, utilities, and furnishing costs is about on par with LTR without PM.