Based on questions and comments here on BP clearly people are not considering all the costs and taking risks they don't understand. 

Its based on what the future value will become with the rehab installed.

My ops person who runs my stuff gets 6 figures as a base and her commission / bonuses will be equal to her base this year.

Usually the rate is based on what the prevailing interest rate is in the market for a safe investment often the number used is 10 year US government bonds. 

Based upon what you are describing there would be a loan. 

I’ve put in full baths for as little as 4K and some over 25k.Get multiple quotes, go see their previous work, verify their insurance and build out a draw schedule that makes sense based on labor and materials.

Its a cash based business and if you have a on site manager who is skimming or worse-off out right stealing, you and your partner could be in for a 1st class business experience.

The building types, based on use, are completely different. 

I know that evealuating mulitfamily is based on income but if he os not able to provide proper financials what should I do?

pricing these days for HML is based on experience  No experience pretty expensive  ..so in my mind first few out of the gate I would do this with an equity partner safer and less frustrating than trying to go HML  once you can show a few successful flips under your belt the HML route will be easier and less expensive..