Typically it's a buy, big rehab and rent.  

This is strange to begin with since all communication is typically through the agents or attorneys. 

I typically assign 10% for maintenance as well, another 10% for vacancy, reduce for property taxes (which are available online through assessor office) and then further reduce for insurance, and if multifamily any other utilities provided.

I've been running the number into the rental calculator and I typically find that the Magic number to offer is nowhere close to the seller's asking price.  

Ryan Thompson what’s your typical purchase price for acquisition and rehab and arv?

These typically range between $350/Mo. to $650/Mo. per 4-plex.

Typically this is after the homebuyer has lifted all contingencies.

Is this normal and typical?

You can typically find them around the building department passing out cards flyers etc. 

Typically a "cash buyer" is going to use: their own cash/funds; or someone else's cash (hard money lender or private money lender).