I think you should plan on compensating yourself for it.I hope this works out for you but just wanted to share my observations in hopes of it giving you extra things to think about.

I want to make sure the GP is fairly compensated but not pulling too much cash out of the deal as compared with other deals you guys and gals have seen.The GP has already entered into contract to purchase.

Sometimes it's more beneficial to work with a tenant to make it easier for them to pay rent and compensate yourself at the same time for being flexible.

and What is the norm or shall I say typical for this sort of thing compensation wise?

Of course, if I'm able to get it under contract I'd be happy to compensate you for your work on it.

I never offer any special compensation unless it benefited me personally beyond the deal itself.

Without funding your chances of successful investing is extremely slim and the amount of work required to compensate for no funding is very rarely worth the effort.

You can encourage him to look for off-market deals and tell him that he will still be compensated. 

That particular interpretation does seem to be a bit more conservative than the average among the self-directed industry, however.I agree, 4975(d)(2) does not cover managing a rental, but that exemption seems to apply to the plan or IRA actually contracting with and possibly compensating a disqualified person for services necessary for plan operation.

However to be compensated primarily though commissions without being unlicensed is a big no no.