. - My plumber notices that many common area shut off valves are seized and almost all shut off valves in my unit are seized. - After testing the shut off valves in the basement storage room, one of the hot water valves started leaking.

What are the potential pitfalls?

Again this was more of common practice type of question so I appreciate all the input

Is this something I should worry about or is this common and cosmetic only?

I have been gathering some of my thoughts around these topics on what to look for pitfalls or positives in PM contracts.  

Some of the most common questions I see in the forums are related to rent collection and property management software.

If there is a "common" area, you will have to pay that electric bill.

It is common for land  to be owned free and clear so seller financing happens all the time.

RIA's seem to be fairly common and meet at least once or twice a month.

This is a common situation a lot of landlords come across.