That is the common legal definition, all depends on your language and model waterfall. 

While they’re not common you do want to know if your contract has one.

If you and/or friends have other assets, you might want your LLC to partner with their LLCs in the common asset holding LLC for the full protection. 

In my area garbage and sewer would be the 2 most common.

I see fewer and fewer of these now, but they were more common a couple of years ago. 

I'm not an expert on Florida at all, but I know STR is super common there and can be very lucrative if done correctly.

For example, I found a home in an ok neighborhood that cash flows at 300 dollars a month with an ROI of 30%; however, would slight foundation issues (which are really common in my area on 99% of housing here) scare you away?

When leasing commercial real estate for terms longer then 1 year you will typically see rent escalation clauses throughout the lease contract If such a clause (or similar) exists on the lease agreement may be able to increase the rent without any advance notice.Here are some of the most common:1.

It's almost impossible to find a lender that will do 100% financing, but 95% of purchase and 100% of rehab on flips is pretty common; 80-85% for rentals is also very common. 

Regarding insurance: yes, the HOA carries insurance, but that's just for the common areas, outside damage, etc.