I don't have much experience with multi family properties, but I do know you want to use the cap rates of similar properties in your market as a benchmark for evaluating your deal.

So you have about $22K in hand.Now go shopping for your next house, but benchmark $10K to pay back the city when you move, leaving you with $12K for a down payment.

If a home has been neglected by the mortgagor, or homeowner, and has a lengthy list of repairs needed, what benchmark is used to determine if it will qualify?

The 70% formula stated earlier is really good advice and a good benchmark.

(I like to use 10% as a bench mark)BUT the tenants lease ends by the end of the year.

They're a fine benchmark, but they stop so many new people from getting going because someone on BP told them that's how you need to invest.

@Lee Jackson Not knowing is actually a good thing ... it means you are thinking, rather than assuming you have {all the} answers.First, I'll let you know upfront that I and my partner are far from authorities on creative financing - if successfully closed deals are the benchmark.  

Normally, one should benchmark a manager's performance to the other managers in the area and give them commission and if they do better. i.e. if it takes 1 week to find a renter in an area X for $800/month and if your manager does the same, then there is no benefit to having a manager as you could do that too.

Take some time to write down your goals, benchmarks and overall vision for transitioning for multifamily.

Hopefully this benchmark helps you to look in the right direction.