Typically, $500 is common but it's usually negotiable.  

Is this common practice?

It is more customary for single-family homes to have nothing included, and more common for multi-family properties to include water/sewer/trash. 

A little constructive criticism for if you do more of these remodels.It looks like there is a pantry, but not many upper cabinets for the most commonly used dishes.

A lot of people talk about abundance mentality, but that’s just using common sense to keep your cards close to you.

Is it common for the irs or the mortgage company to pursue legal action if for instance the property is mostly used as a rental instead of residence?

Until the zoning codes are relaxed in Memphis to allow more duplexes or small homes clustered on lots with with common areas, it will be too expensive to build replacement housing and rent them for under $750.

@Archie Candy Unpacking your questions lead me to a common issue with your plan.

I typically see 3 weeks for cash buyers as common. 

@Andy Mirza, It would appear that you probably have an undivided 51% interest as a tenant in common.