The occasional basement leak, which is common in my areas in all houses and has a floor drain.  

I was hoping someone could explain the difference between joint tenancy and tenancy in common; and which one is better for me. 

That makes sense. 

If you are somewhere ultra competitive, it may make sense to have it regardless!

@Jody R Massey common mistake that investors make over and over again!

Tenant agrees to comply with all duties required by Wyoming Statute §1-21-1204: maintain the Premises in clean and safe condition and not unreasonably burden any common area; dispose of all garbage and other waste; maintain all plumbing fixtures in a condition as sanitary as the fixtures permit; use all electrical, plumbing, sanitary, heating, and other facilities and appliances in a reasonable manner; prevent water pipes from freezing by turning off outside spigots, disconnecting hoses, and keeping the rental heated to at least 50 degrees; replace lightbulbs, air filters, water filters, and other consumables as needed; test smoke detectors every six months and replace batteries as needed; immediately notify Agent in writing of any defects or dangerous conditions Tenant becomes aware of; replace broken or cracked glass, no matter the circumstance of breakage, unless the Tenant provides Agent with a police report detailing breakage beyond the control of Tenant; pay to repair anything damaged by the Tenant, his guests or invitees, whether through intentional act or negligence; upon termination, remove all personal property and garbage either owned or placed on the Premises by Tenant and clean the Premises to the condition at the beginning of the AgreementCreate a policy and stick to it.

Maybe this makes sense to those posters above but not for me. 

I have funded i bet no less than 200 deals in the last 10 year that were from Aussies selling their home that is now a full reno.. many of them in their superannuation funds. ( US version of IRA )  just the dirty little secrets most wont talk about. propertyinvesting.com.auJust posted on there last week.It's completely dead mate.Such a shame.SomerSoft was big and they shut down also and re-started propertychat which is now huge lolBut literally no talk about investing in the US.Aussie's got burnt bad so it makes sense unfortunately Yep, $100,000 in Super for example.Property agreed cost $50,000 but provider put $100,000 on PA.Gave the $50,000 back to Aussie investor so they can cycle money "legally" out of Super.Was a nice little scam that suited many Aussie folks and property sellers in the US.Even tho the property they bought in the US was $#%@ but I guess that was the cost of getting money out of the Super prior to retirement age.

Honestly, that does seem silly since this is such a common/simple transaction, but thought I'd ask.

Furnish the common areas nicely, but not extravagantly- they mostly won't be used.