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The (epi,mono) factorization system in Sets is part of a model structure on Sets whose weak equivalences are the epis, fibrations are monos and cofibrations are everything. This is a model for the homotopy theory of (-1)-truncated sets. One can also define a similar model structure on simplicial sets, where the weak equivalences are the maps which are surjective on pi_0 (i.e, homotopy epis) and whose fibrations are the Kan fibrations whose homotopy fibers are all (-1)-truncated (i.e., homotopy monos). This is a also a model for (-1)-truncated spaces/sets. A similar thing can be done in others contexts as well, for example, you can replace simplicial sets by a model category which presents some $\infty$-topos, replace weak equivalences with homotopy epis and fibrations with fibrations which are homotopy monos. The new model category will present the homotopy theory of (-1)-truncated objects in the original $\infty$-topos. I will go on a limb here and suggest that the (epi,mono) type factorization systems, which appear very typical from a 1-categorical point of view, are, from a model categorical point of view, essentially the particular case of (well-behaved) (-1)-truncated homotopy theories.