@Kelly Chun pretty common...

But what does that mean as far as my asset protection3) Since I'm in second lien position, is it common to add a personal guarantee/collateral assignment? 

This is a fairly common strategy, though.

There's a common thought out there that simply changing entitlements legally to a property doesn't change it's nature. 

Newer and newer requirements are becoming mandatory slowly in design be it high energy efficiency, material which gives more light-air but blocks noise pollution, unhindered connectivity, better insulation, common areas designed for privacy.Which trends you think will be in future of construction specially in term of Design phase and Materials which will allow designers and developers to deliver future requirements.

If the unit "needs" repairs and upgrades, then I would just have everyone vacate and start over with your own well screened tenants.The unit needs quite a bit of work throughout as the seller hasn't done much to the property besides collect rent and fix issues as they arise. 

While it isn't common, people do back out prior to move in and I think it is unreasonable to think they should lose the entire SD.When we collect funds prior to move in we have them sign a separate document (lease is not signed until move in day or very close to it) that spells out what that money is counted as and what it is converted too if the lease moves forward and if they back out.  

A common piece of advice is to start with your personal name and see if you like it, for one, and if you can make money. 

It's fairly common for parties to include only a property address in the contract... when what they need to do is provide all Tax IDs associated with the transaction.

A common misconception is that you need a formal business structure such as an LLC in order to get a business credit card, but all you actually need....is a business.