Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Very common tactic for the Fake lenders out there who do nothing but collect up front money and are just a scam / criminal enterprise. 

Most of the issues that could come up on an FHA appraisal are pretty common sense; mainly safety hazards and structural issues.

Regarding the water dispenser, a common reason for them to not work is the line gets frozen.

The only common area will be a retention pond that is required by the state.

I am responsible for water, heat (gas or oil), common area electricity. 

You touched on alot of points and have some common ideas that most people have when they are starting off. 

@Ignacio Linares Its not impossible but its not common.

I'll definitely make sure to be extra conservative, because I won't have a lot of room for error, given my current financial situation (not a lot of money to spend on contractors if needed).

One person might be taxed at 30% while another might be 47% in a higher bracket and higher tax state.The most common way to reduce tax liability from flipping houses is to refinance them and keep the flips as rentals.