I want to BRRRR it(maybe holding off on repairs) but have hit some road blocks.

If your dealing with newer properties your repairs should be very little but you might have the occasional hot water tank that needs replaced or a couple $100 repairs here and there. 

I am selling home there after initial repairs on July 8th. 

Did you have any home repair knowledge before you jumped into the first deal with your college buddy? 

I am most comfortable with SFR but am intrigued by a duplex to quad unit, but at the same time they worry me if I ever had to get out quickly and quality of tenant potential.So my thoughts on my options are:--Take out both HELOC's and 401k loans and sit on that cash in a money market or similar vehicle along with what I have already to wait for the crash (whenever it arrives), using my personal and rental cash flow and redirecting the extra I'm paying on those existing mortgages to pay off the HELOC and loans quickly--Use my HELOC and stockpiled cash today to go into another, cheaper market somewhere else in the US, and buy up 3-8 more properties, either leveraged or outright. 

There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M?

It's nice, so you should be able to attract quality tenants and get maximum rents.If you need someone to pull MLS data for you (like the listing) or other comps, etc. just let us know and we can help you get more information that may help you make a better decision.

If net cashflow is $620 and includes HOA fees, and includes 10% estimate repairs and maintenance, then okay.

They may be responsible renters that pay their rent on time and do not request a bunch of repairs might be worth keeping. 

Also, note that that is in addition to the $450-$550 per unit in repair and maintenance each year.