When you Rehab a property you are trying to get it to a condition that it will appraise at the current Fair Market Value (FMV) for similar properties. 

Are fellow syndicators aiming to achieve this as an average over the life of the deal or from day one of the deal?

Depending on the condition of the property, the amount it is leased for and the quality of the tenant this could make it complicated to sell. 

A bank may not be hugely interested in lending on them because of their condition, but you should see what they can offer.

When it comes to reserves, I dont use percentages for capex, I use real dollars, based on the age and life expectancy of large items (roof, hvac, water heater, and a buffer for other items).

If there are changes to the timeline or project by owner direction or unforeseen existing conditions, the contractor deserves the cost and time associated with those.

I was never one to sit down and read, however more recently I have found how relaxing it is and instead of reading some fairytale story I'd much rather learn how to better my future and adjust my outlook on life.

Usually, these folks will tell you all you need to know about the property and its condition.

(5) Tenant agrees to vacate the unit more than 7 days prior to the new lease Commencement date and further agrees to move out as per all conditions set forth in this lease

It is in very poor condition, full of trash and therefore inhabitable.I've seen other similar properties that are habitable and on the market for the same price.