In very competitive situations, it's not uncommon for buyers to offer a portion of the EMD that is non-refundable from day 1 (sometimes referred to as "going hard" or "due consideration.")

It is not uncommon to see vacancy and maintenance omitted from their projections or are far understated.

It's not uncommon for investors to have penalty clauses the same way they have bonus ones.Also big box retailers are not necessarily the best place to get your materials and especially labor.They can definitely be good for some things but I wouldn't rely on them as a "one stop shop" kinda deal.I'd look for more local supply stores and subs/trades that can install without the big box mark up.

It’s not uncommon for an HOA to require an approval of the tenant and lease.

I know of 2 attorneys that are primarily RA's and it's not uncommon for them to get 5000 pieces of incoming mail every day,

My primary house is 1900sqft, Zillow has it at 1300sqft so it's not uncommon

It's not uncommon to save 5 figures when going through a tax planning strategy. 

I can think of a few other ways to make use of the land, perhaps, to collect revenue, but for now, from an investing standpoint, how would you guys approach this deal assuming its a good one ( low monthly payments, no or very low interest).Is it uncommon to have contigencies in play in case I can't make use of the land or sale it to someone else within a timeframe so I'm not stuck with a bad investment?

I found out they've been there 11 years and have done all the interior improvements which I'm guessing is not uncommon.

Not uncommon for a 30 day close.