I had been looking at MFR in Gainesville but all that I have seen so far are in horrible condition or were in an area that if there was a F+ class, those would be an F-.

I just can't find the comps to support the price in its current condition or even ARV. 

The key seems to be "refering for a fee".(10) Any resident lessee of a residential dwellingunit who refers for compensation to the owner of the dwelling unit, or to the owner's agent, prospective lessees of dwelling units in the same building or complex as the resident lessee's unit, but only if the resident lessee (i) refers no more than 3 prospective lessees in any 12-month period, (ii) receives compensation of no more than $1,500 or the equivalent of one month's rent, whichever is less, in any 12-month period, and (iii) limits his or her activities to referring prospective lessees to the owner, or the owner's agent, and does not show a residential dwelling unit to a prospective lessee, discuss terms or conditions of leasing a dwelling unit with a prospective lessee, or otherwise participate in the negotiation of the leasing of a dwelling unit.

You own an old property, so depending on the condition it may run higher.I don't own properties where flood insurance is an issue, so I can't speak to that.As a commercial lender you'd know this better than me, but the 1.1-1.2x DSCR is lower than I'd recommend for future purchases - I don't feel comfortable with anything under 1.5 on my properties.

most sellers i've dealt with don't have recent appraisals. also i look for houses that need work so that's not an issue. the issue most of the time is the sellers assessment of the amount of work needed and the costs to get the property in retail sellable condition. as an ethical investor i wouldn't try to convince someone to sell me their house for less than it's 'appraised' value. in that situation i'm not their best option. but as has been stated earlier, it depends on what the seller is looking for. if it's a quick hassle-free sale they want, they'll happily take a low cash offer.

I'm looking at a home to purchase, but currently it only has wall unit AC.  I'm looking at installing full central AC.  Does anyone know what the cost for this would run?  Never done this in a rehab before.  Thanks.

Perhaps do a Lonnie Deal (Dodd Frank friendly), upon completion of fix up I think that the home is reasonably priced, for it's condition and location.

I would be ok with a 1/1 at that price, but it depends on condition.

Typically looking for rougher condition stuff that scares off the average guy.  

Depending on value, condition, default rate and foreclosure time frame, these all come into consideration with pricing.