Those "operating as" are pretty common here. 

One insurance policy per physical structure is common, yes.One institutional mortgage per individual property is also how that works.

Common HungerIf one person has the drive to work around the clock, burns the midnight oil etc, and the other partner turns their phone off at 5pm, takes weekends off and monthly vacations, the workload will quickly become imbalanced, resentment will build, and you will need to dissolve the business.Complementary Skill SetsDon’t partner with someone just like you.

More common today then 18 months ago. 

A common thing I have run into is estimating repair values accurately.

I am really not sure, but I think it would be worth seeking legal council to avoid creating a bigger problem.I'm probably applying too much common sense and a moderate understanding of justice.

But since you are tenants in common right now you can separate or combine your interests as you want. 

@James ShortVery common scenario in Brooklyn/Queens.

If third party, typical management fee is 10% and leasing commissions range, but commonly 1 mo rent for new leases and 1/2 mo rent for renewals.  

This isn't common and not every title company will do it, or have let alone heard of this strategy.Here is another way:https://www.biggerpockets.com/...