I have a STR by Destin commons and one on Okaloosa Island (FWB). 

Same goes for foundation, HVAC, plumbing, electrical, etc.I don't see any budget for utilities, and given that it's a 4-plex, I'd expect there to be some common areas (hallways, exterior lights, etc.) which would incur utility expenses that you'd be responsible for. 

Etc.I'm wondering if anyone has any suggestions for how to best conduct due diligence on this type of business, what other common trickery or red flags should I be on the lookout for? 

But events like that aren't very common. 

That is very common across the country.

Is it common to keep private financing for longer periods, say up to a couple of years?

that's interesting Steve.. that's not common on the west coast at all..

Sure enough it was a common complaint and the real estate commission obviously took it very seriously.

We now have large pieces of common property with no way to fund their maintenance. 

If the county is common for scams.