About 7 years in to that, I was working on a rather large common area project under the supervision of a commercial general contractor.

About 7 years in to that, I was working on a rather large common area project under the supervision of a commercial general contractor.

In general, it's just a piece of paper that most people wouldn't want to spend the money to sue over later and as most said, much less common on more doors and irrelevant on REO/flips/etc.

If you have enough common space upstairs, I usually leave that reno to the new owner unless the property is in a price range where they all are finished.

Just be aware that it is common for people from up north to fly down south to "check out" properties and the IRS understands this is often just an attempt to expense vacations as business expenses. 

Not common, and not wide-spread."... and a job market that is literally begging for people to work ..." part-time for poverty wages with no benefits."

I've been through a couple and know what I want:Timely, Error Free Accounting Transparent ReportingProactive Maintenance - Not Just RepairReasonably AccessiblePlaces Solid Tenants at Market

There’s no secret sauce to finding your team and I would argue trial and error is the best method.

Is this something folks do commonly? 

They are also known to mismanage money, which can result in huge assessments for common area improvements.