This is pretty common to keep your first few purchases in your personal name in order to take advantage of high quality loans early on. 

Are off-market listing more common in commercial properties than in MF? 

Although @Guifre Mora presented some common situations there are a number of lenders for which 12 months is standard and extensions can go several months without penalties and there are no prepayment penalties so it really depends on what matters most to you. 

Is this common practice?

Other questions folks might ask you is, whether it's just porches and common walkways, or also the parking area, also sidewalks, etc.I only say this because I've had "misunderstandings" a few times over the years about exactly which snow was going to be removed :-/

@Eamonn McElroy is right, don't rely on an accountant to discuss legal liability, and don't count on me to give tax or financial advice (by the way, I'm not providing legal advice here, just sharing some common practices). 

I'm a new member who has been battling the all to common question of hold vs sell.

The place is in good condition with not much clutter and no clutter in common areas. 

Is the same true of SFR's where it's common to long term hold them and then get a pop in CoC when your mortgage is paid off down the line? 

I spoke with a long term lender and they discussed they see no problem with the numbers and the example is very common, but is there anything I am missing?