-NOI (past 2-years if available)-Vacancy %-Repairs needed-Pro forma-CAP Rate (something around 4-5% is what you recommend?)

Assuming you find a tenant within 30 days of him leaving you send his deposit to his new address minus any repairs and any pro-rated rent until the new tenant moves in. 

They will pay all PITI and repairs while there.

This means maintenance, evictions, repairs, and so on are all taken care of.The other option is to hire a leasing agent—this will cost between 50% and 100% of a month’s rent.

This means to focus your time in the areas that have the greatest value & impact such as how to scale your portfolio vs working in the weeds on things like property management, repairs, rent collection, etc. 

I guess I will try and talk with him when I move in but I’m confident you can’t even rent a studio apartment in this zip code (06790) for $7504) When I sit down with him upon closing I plan on asking him personally if there’s anything that should be brought to my attention that needs to be done that I may not have seen on the home inspection which I will absolutely repair.  

Long-Term Maintenance: Older homes may require more repairs.

Typically forexlosures are worth a lot less than appraised value especially if vacant because amount of repairs can easily be six figures

Then she sent me sales and agency contracts, and three weeks have gone by with no updates on the repair work.

For example, if a family is displaced due to extensive water damage that will take a few months to repair, the insurance company will then look to find temporary housing for their customer/displaced family.