My question is if he cannot produce a copy of this lease he claims he has how much responsibility falls on me to track down the documentation of his claimed lease or can I just go with t  he lease that was provided to me at closing?  

Call me at xxxxxxxxx."

I'm familiar with the 70% rule...this one would probably put me at about 75% of ARV...the properties need some work. 

If you're putting up 100% of the capital and they have no skin in the game that's a red flag to me.

For me at least it was really the definition of what right before was...

Given the crazy costs of rebuilding after Katrina, lots of areas could not support the costs of rebuilding (i.e. if it cost $75/ft2 to rebuild, but pre-storm values were less than on a $/ft2 basis), alot of people did not want to be upside down in there house.During Katrina, most banks gave borrows affected relief on paying their bills,  Most of mine gave me at least 6 months of no payments.  

It wouldn't surprise me at all if these have been vacant (not repaired) for a long time. 

You're starting off in the red, your only option to be the least in the red is to raise rents as much as possible as fast as possible.Using your numbers and some other assumptions such as starting at 900/mo rent I get a 7.24% IRR.  

I have used both depending on which had loan terms more favorable to me at the time; for example, I used a 65% LTV private money loan when I had a lot to put down on a house but wanted to avoid making payments on the loan during the rehab b/c I needed the cash flow; I used a 100% LTV hard money loan at a time when I had more cash flow because it required less down and all the rehab costs were folded in so I knew I had the money to pay for the rehab. 

It has saved me at least $1,200 a year in federal taxes for the last 5 years.