It's extremely common for buyers in the Austin market to waive the appraisal contingency to win in multiple offers, which means they are removing their right to terminate or negotiate if the appraisal doesn't meet value. 

You don't want to put yourself in a position where the balloon comes due and the capital markets have dried up (i.e; 2009-2011) With most commercial loans, there are 4 items that are commonly negotiated or massaged: the % loan to cost, the interest rate, the amortization rate, and the length of the balloon payment.

It's a common mistake to start rewarding yourself too early.I started investing in 2016.

That type of contract is pretty common, although we don't always require it.

You'll likely have to cover common area electricity and all of the water (typical for Chicago may be not your case).  2. 

You should know rents, common expenses, vacancy/occupancy rates, etc.   

All owners must hold title as tenants in common under local law.2.

Specific to commercial real estate in the general sense (non-apartments), your income stream is commonly fixed for a long time, i.e.

Probably the biggest changes will be if the states have different legal structure for spouses, such as tenant in common, etc., and how those are handled when selling a property, as well as the agent responsibility if it is a non-disclosure state vs not.

Our names are all listed on the deed as individuals, tenants-in-common.