The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

You'll definitely want to verify that estimate.Repairs - I'm guessing $15K is too low. 

But as an aside, I’m not sure how hard anyone tries to verify your initial move out date.  

He's offered his lawyer's contacts to verify this. 

If I were to go under contract, how would I verify this? 

Assuming the 50% LTV you say and a great FICO, 43% or less DTI, Verified Documentation and not exceeding Conforming Loan Amount, 3.125% no cost is doable.

I have never asked for that but I do have to verify ownership before entering into a contract to manage the property.

Best to verify that during due diligence.From a Realtor perspective:A $120,000 investment purchase for a newer investor is way more work than a 280,000 sale to a 1st time home buyer. 

In COVID or not, the reserve is always required and I would not purchase any property without one.In regards to collections during COVID, it is important to verify these amounts throughout the contract process.

Double check your marketing to verify the property is well suited to a good cross section of the marketplace.