You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Its my understanding through my reading/research that 35% is the typical number.

You will want to fully understand the tax reporting burden you will face. 

As someone else said, check the history of prior gas bills and the average bill in your zip code, and understand that you might have to eat that cost.

From my understanding, I need a Proof of Funds in order to get under contract. 

Quote from @Max Martynenko: Thanks for your understanding and sense of humor!

I just want some outside eyes to help me understand if this deal is what I should expect to find as I build my portfolio.I plan to buy and hold long term.

You need to understand that we are only obligated to whats in contract.

Explain to me, so I understand.

Multifamily is incredibly complex and if you don't understand the metrics or calculations behind it, you're going to get burned. if you're just plugging numbers in until it "goes green", you are either going to miss out on deals or buy something you shouldn't.