It unusual to have a condo purchase cash flow unless the down payment is ridiculously large.

The cash flow projections usually are bogus; it is not unusual to see cash flow projections that do not include any cap ex. 

This is what we do:Screening ApplicantsPoor screening often results in lost rents, legal & court costs and costly damages.Screening of applicants includes the following:Full credit/eviction/criminal checks are done, instead of score-driven reportsVerification of rental history includes validation of actual property owner to avoid fraudVerification of stability of income & employment via YTD paystubs & W-2(s) (analyzed to confirm not fakes)Income is calculated 3 ways to spot stability anomalies: pay period, YTD average and YTD + W-2 average.Debt-to-income analysis (more accurate than traditional 3x rent requirement)Bank statement to see if NSF issues, if deposits support income, prove MoveIn Funds, also analyzed for unusual transactions.Pet screeningHolding Fee required from approved applicants to make sure they are serious, before your property is marked pending.

That is REALLY unusual.  

Account ClosedOnce again, I find myself in the unusual position of having to agree completely with @Alexander Felice...the key phrase in his response is ZERO OUTS.

This isn't unusual, anyway.

Is this a usual set of terms or unusual?

Probably not zoned for that, not at all what P&Z probably wants there, but developers seem to be slipping big warehouses in everywhere including some very unusual spots.   

I also provide pressure Cafe rods and curtains for some unusual windows.

Actually what you describe is not that unusual, at least the part about the uninhabitable ppty with the taxes still being paid.