I'm thinking I need to find someone to partner with who has some experience to help protect against losing somebody's investment money.For my first deal, I'm looking in the South-East and for approximately a 6-12 unit apartment to start building my reputation and track record. 

Besides the property, he has Municipal Utility District bonds that will close in 7 months, proceeds to be used to pay off a loan if the SFR developer is unable to lose.

All,I am new to the sight but I am looking for a resource to find metrics / multiples for comparable transactions on a given property type in a similar area.

You can do everything right on your analysis and still lose money.  

Justify your price drop by explaining how much it would cost to clean up the property, how much it's losing every month with low rent, etc.

A reasonable range would be 5.5% - 6.5% if you havent been quoted yet.I suspect you'll be losing about $200-$300/mo. on this property.

@Phyllis Davenport OK I just noticed you are a newbie; let me add that it is risky and even experienced operators can lose their shirts!

Stop now before you lose any more money. 

I purchased 3 rentals in my first year all sight unseen with inherited tenants and manage them myself from here.

OR, do I sell now, collect the 2-300k and run for the hills, all while losing a place that I will probably never have the chance to own again.