It's not uncommon for grout to separate at corners, that right at the shower, just takes a small crack or hole, and the water an flow an through.

FWIW, I am seeing developers in NC take on these types of deals.  18 month entitlement periods are not uncommon in several jurisdictions.  

As @Teri S. mentioned, the board should have insurance to cover them personally, however, when it comes Board Presidents and Board Members abusing their power, it is unfortunately not uncommon. 

But to your main question, it's not uncommon or unreasonable for a wholesaler to make $10k on a deal if the numbers are good enough.

You just raise the multiplier and taxes go up.While the assessed value can have some relation to your property value, it's not uncommon in some area's where it is not accurate.Bob  

I know this is possible with one property.Is it uncommon practice for groups of SFR?

That's going to be almost 5k a month after taxes and insurance and again that's with you putting down 22k PLUS closing costs which here isn't uncommon for the buyer to pay so add in another 6%.

It is also not uncommon to see the NMTC combined with other credits, such as the rehabilitation (historic) tax credit, and additional economic incentives.

I can see why they do it, so it's not uncommon.

While the most conservative approach would be to have someone else handle the transaction for your self-directed IRA or Solo 401k, what you describe is not that uncommon in my experience as long as no commission is received.