@David Edwards cash for keys is a major mistake.

@Nathan Murray the answer to this question may depend highly on exactly what type of loan you are looking for as I use two different banks, 1 for commercial lending (5 year balloon, 20-25 year amortization) and more products for rehab versus another for conventional lending (30 year fixed).

Money is a store of productivity from which others benefit, including you. 

I do recommend to use inspection, especially since I am abroad investor.In addition, the inspection report help me to make sure the contractor quote covered all major issues, and I also use the inspector to visit during the rehab to make sure the contractor finished each construction stage.Investing ~$250 in inspection in compare to the money you invest in buying and rehabbing is not major and reduce your risk.Good luck.

Most quality product is trading in the 5's and 6's. 

Once you do improvements to the property, any major improvements will get added to your basis. 

there is a free downloadable pamphlet and waiver, it should be a part of all of the packet of documents to review and execute with all tenants.On the E Coast I think you would risk losing out on some great opportunities.Pamphlet and waiver-https://www.epa.gov/sites/production/files/2017-06/documents/pyf_color_landscape_format_2017_508.pdfhttps://www.epa.gov/sites/production/files/documents/lesr_eng.pdf

Listen, if you want the home and have found no other major issues with it, then buy it.

Put the majority/all of what I have into a multi family?

Use a stripper product.