This assumes some holdback for capex/repairs/vacancy that will be lumpy and (hopefully) not occurring every month.On a $200,000 interest-only loan at 9% you'd be paying $1,500/month.

Not to mention taking care of repairs same day.

Our brokers and even the Real Estate Commission won't allow agents to modify the contract (e.g. as mentioned, a repair request pursuant to the inspection clause) since it would be practicing law without a law license. 

Normally when you hear cap rates this high the expenses are not calculated correctly or certain expenses are omitted (no vacancy loss, no management fee, light on repairs etc). 

I own the property free and clear so the only annual deductions have been maintenance, repairs, taxes, depreciation. 

Who do you call for repairs, to place 3 day notices, walk throughs ect ?

Even after you have title, if there is a redemption period in that state, then you want to wait until the redemption period has passed before you make any costly repairs or upgrades. 

Like the other posters have mentioned the credit score / credit report is likely an issue - with what you describe there certainly seems to be some stuff missing for it to be that low - but on the flip side, it could be a situation where professional credit repair could make a relatively quick big improvement.

The house will stay in my father's name for now, so we want most of the repairs to be paid by him for depreciation purposes (he will be doing cost segregation and taking bonus depreciation later this year).

The ARV or "After Repair/Renovations Value" to see how much it will cost to renovate and what it will be worth after the fact.