Am I misunderstanding my vocabulary and that is actually hard money loan?

Rationalization is the most expensive word in a REI vocabulary. 

It was clear we were selling it to him.. or her.. but they still have that deep seeded renter mentality.you have to remember us here on BP are versed in RE and to us what seems easy and logical to many who are clueless about how transactions work .. have no clue to the vocabulary etc.. it can happen.Again I think this 97.78 % is a tenant just squatting based on feedback but you never know. 

@Adam Sporinsky, You need to eliminate the word "flip" from your vocabulary entirely :)Your intent with a flip is primarily to resell.  1031 qualifying real estate is purchased with the intent to hold for productive use in trade business or for investment.  

I understand the vocabulary, but I'm looking to dive in.

You will need to use that money to pay for the bed bug treatment.Cash-for-keys is a terrible idea and should be removed from your vocabulary.

I had no idea about these terms and vocabulary used in evaluating rental property.My main question is,   What is a decent, good, and great number to achieve on rental houses in general  for these categories;Pro Forma Cap RateCash on Cash ROIPurchase Cap RateIncome-Expense Ratio 2% ruleDebt Coverage RatioTypical Cap RateGross Rent MultiplierBoth houses of rentals of mine, or single family ranch house.  

This one is getting old, and you should have a larger vocabulary than that.As I recall, you don't include all the expenses in your calculations, which is why you come out less than 50%.

After you read that book you will be well on your way to thinking like a creative investor (which means you can eliminate the word "bank" from your vocabulary).

Beyond gaining a new vocabulary, any practical knowledge you might want will only be gained after you get the license through spending many hours with seasoned realtors, investors, contractors, etc.